{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "ipo": "http://www.ipgroupplc.com/20231231", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.ipgroupplc.com/xbrl/2023/213800HG22UM138WFG43-2023-12-31.xsd" ] }, "facts": { "f16640": { "value": "-110900000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenueOnChangeInFairValueOfEquityAndDebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16642": { "value": "-303400000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenueOnChangeInFairValueOfEquityAndDebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16646": { "value": "-10800000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenueInLossOnDisposalOfEquityAndDebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16648": { "value": "-7800000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenueInLossOnDisposalOfEquityAndDebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16652": { "value": "-38800000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenueOnChangeInFairValueOfLimitedAndLimitedLiabilityPartnershipInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16654": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenueOnChangeInFairValueOfLimitedAndLimitedLiabilityPartnershipInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16658": { "value": "5900000", "decimals": -5, "dimensions": { "concept": "ipo:RevenueFromServicesAndOtherIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16660": { "value": "7100000", "decimals": -5, "dimensions": { "concept": "ipo:RevenueFromServicesAndOtherIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16662": { "value": "-154600000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenue", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16664": { "value": "-302000000", "decimals": -5, "dimensions": { "concept": "ipo:PortfolioReturnAndRevenue", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16669": { "value": "-4700000", "decimals": -5, "dimensions": { "concept": "ipo:CarriedInterestPlanCreditCharge", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16671": { "value": "12000000", "decimals": -5, "dimensions": { "concept": "ipo:CarriedInterestPlanCreditCharge", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16675": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16677": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16681": { "value": "28000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16683": { "value": "27400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16685": { "value": "25900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16687": { "value": "42300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16691": { "value": "-180500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16693": { "value": "-344300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16696": { "value": "9800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16698": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16701": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16703": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16706": { "value": "-176300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16708": { "value": "-343500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16712": { "value": "-1900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16714": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16717": { "value": "-174400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16719": { "value": "-344500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16723": { "value": "-400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16725": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16728": { "value": "-174800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16730": { "value": "-344000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16734": { "value": "-171300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16736": { "value": "-341500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16739": { "value": "-3500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16741": { "value": "-2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16743": { "value": "-174800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16745": { "value": "-344000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16750": { "value": "-0.1653", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f16752": { "value": "-0.3301", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f16756": { "value": "-0.1653", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f16758": { "value": "-0.3301", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f16783": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16785": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16788": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16790": { "value": "400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16793": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16795": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16800": { "value": "1011500000", "decimals": -5, "dimensions": { "concept": "ipo:EquityInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16802": { "value": "1120800000", "decimals": -5, "dimensions": { "concept": "ipo:EquityInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16806": { "value": "83700000", "decimals": -5, "dimensions": { "concept": "ipo:DebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16808": { "value": "38100000", "decimals": -5, "dimensions": { "concept": "ipo:DebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16812": { "value": "69700000", "decimals": -5, "dimensions": { "concept": "ipo:LimitedAndLimitedLiabilityPartnershipInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16814": { "value": "99600000", "decimals": -5, "dimensions": { "concept": "ipo:LimitedAndLimitedLiabilityPartnershipInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16818": { "value": "7800000", "decimals": -5, "dimensions": { "concept": "ipo:NonCurrentReceivableOnSaleOfDebtAndEquityInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16820": { "value": "6900000", "decimals": -5, "dimensions": { "concept": "ipo:NonCurrentReceivableOnSaleOfDebtAndEquityInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16823": { "value": "1175100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16825": { "value": "1266200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16830": { "value": "8200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16832": { "value": "8800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16836": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ipo:CurrentReceivableOnSaleOfDebtAndEquityInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16838": { "value": "41300000", "decimals": -5, "dimensions": { "concept": "ipo:CurrentReceivableOnSaleOfDebtAndEquityInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16842": { "value": "126000000", "decimals": -5, "dimensions": { "concept": "ipo:CurrentDeposit", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16844": { "value": "152800000", "decimals": -5, "dimensions": { "concept": "ipo:CurrentDeposit", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16848": { "value": "100900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16850": { "value": "88700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16853": { "value": "236500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16855": { "value": "291600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16858": { "value": "1411600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16860": { "value": "1557800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16866": { "value": "21300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16868": { "value": "21300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16871": { "value": "102500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16873": { "value": "102500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16876": { "value": "1075600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16878": { "value": "1257900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16881": { "value": "1199400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16883": { "value": "1381700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16886": { "value": "-9100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16888": { "value": "-5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16891": { "value": "1190300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16893": { "value": "1376100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16898": { "value": "17100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16900": { "value": "16900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16904": { "value": "6300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16906": { "value": "6300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16909": { "value": "23400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16911": { "value": "23200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16916": { "value": "128900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16918": { "value": "75100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16922": { "value": "38000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16924": { "value": "44100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16928": { "value": "4800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16930": { "value": "6800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16934": { "value": "19800000", "decimals": -5, "dimensions": { "concept": "ipo:LoansFromLimitedPartnersOfConsolidatedFunds", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16936": { "value": "19500000", "decimals": -5, "dimensions": { "concept": "ipo:LoansFromLimitedPartnersOfConsolidatedFunds", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16940": { "value": "6400000", "decimals": -5, "dimensions": { "concept": "ipo:RevenueShareLiability", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16942": { "value": "13000000", "decimals": -5, "dimensions": { "concept": "ipo:RevenueShareLiability", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16945": { "value": "197900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16947": { "value": "158500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16950": { "value": "221300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16952": { "value": "181700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16955": { "value": "1411600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16957": { "value": "1557800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16960": { "value": "The accompanying notes on pages 156 to 203
form an integral part of the financial statements
on pages 152 to 220. The financial statements
were approved by the Board of Directors and
authorised for issue on 12 March 2024 and were
signed on its behalf by:
Greg Smith
David Baynes
Chief Executive Officer
Chief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16996": { "value": "-176300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f16998": { "value": "-343500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17003": { "value": "-110900000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForChangeInFairValueOfEquityAndDebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17005": { "value": "-303400000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForChangeInFairValueOfEquityAndDebtInvestments", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17009": { "value": "-38800000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForChangeInFairValueOfLimitedAndLimitedLiabilityPartnershipInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17011": { "value": "2100000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForChangeInFairValueOfLimitedAndLimitedLiabilityPartnershipInterests", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17015": { "value": "-10800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17017": { "value": "-7800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17021": { "value": "-4700000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForLongTermIncentiveCarrySchemeCharge", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17023": { "value": "12000000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForLongTermIncentiveCarrySchemeCharge", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17027": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForCarriedInterestSchemePayments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17029": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForCarriedInterestSchemePayments", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17033": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17035": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17038": { "value": "9800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17040": { "value": "2200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17043": { "value": "5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17045": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17048": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17050": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17053": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForCorporateFinanceFeesSettledInTheFormOfPortfolioCompanyEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17055": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForCorporateFinanceFeesSettledInTheFormOfPortfolioCompanyEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17060": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17062": { "value": "-500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17066": { "value": "-300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17068": { "value": "-2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17071": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForDrawdownsFromLimitedPartnersOfConsolidatedFunds", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17073": { "value": "800000", "decimals": -5, "dimensions": { "concept": "ipo:AdjustmentsForDrawdownsFromLimitedPartnersOfConsolidatedFunds", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17078": { "value": "3700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17080": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17083": { "value": "0", "decimals": -6, "dimensions": { "concept": "ipo:NetInterestReceived", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17085": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ipo:NetInterestReceived", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17088": { "value": "-17900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17090": { "value": "-23500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17094": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17096": { "value": "300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17100": { "value": "63400000", "decimals": -5, "dimensions": { "concept": "ipo:PurchaseOfEquityAndDebtInvestmentsClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17102": { "value": "88900000", "decimals": -5, "dimensions": { "concept": "ipo:PurchaseOfEquityAndDebtInvestmentsClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17106": { "value": "9800000", "decimals": -5, "dimensions": { "concept": "ipo:InvestmentInLimitedAndLimitedLiabilityPartnershipFundsClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17108": { "value": "4600000", "decimals": -5, "dimensions": { "concept": "ipo:InvestmentInLimitedAndLimitedLiabilityPartnershipFundsClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17111": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17113": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireInterestsInJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17117": { "value": "4100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17119": { "value": "800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17122": { "value": "191700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OutflowsOfCashFromInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17124": { "value": "208700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OutflowsOfCashFromInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17127": { "value": "218400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InflowsOfCashFromInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17129": { "value": "272100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InflowsOfCashFromInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17133": { "value": "37700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17135": { "value": "28100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17139": { "value": "900000", "decimals": -5, "dimensions": { "concept": "ipo:DistributionFromLimitedPartnershipFundsClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17141": { "value": "0", "decimals": -6, "dimensions": { "concept": "ipo:DistributionFromLimitedPartnershipFundsClassifiedAsInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17144": { "value": "-4400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17146": { "value": "-2300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17151": { "value": "13000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17153": { "value": "12300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17157": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17159": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17162": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17164": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17168": { "value": "5500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17170": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17174": { "value": "6200000", "decimals": -5, "dimensions": { "concept": "ipo:RepaymentOfEibFacilityClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17176": { "value": "29800000", "decimals": -5, "dimensions": { "concept": "ipo:RepaymentOfEibFacilityClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17180": { "value": "60000000", "decimals": -5, "dimensions": { "concept": "ipo:DrawdownOfLoanFacilityNetOfCostsClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17182": { "value": "59400000", "decimals": -5, "dimensions": { "concept": "ipo:DrawdownOfLoanFacilityNetOfCostsClassifiedAsFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17185": { "value": "34700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17187": { "value": "8800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17190": { "value": "12400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17192": { "value": "-17000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17195": { "value": "88700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17197": { "value": "105700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17200": { "value": "-200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17202": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17205": { "value": "100900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17207": { "value": "88700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17254": { "value": "0.02", "decimals": 2, "dimensions": { "concept": "ifrs-full:ParValuePerShare", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:GBP/xbrli:shares" } }, "f17259": { "value": "220302", "decimals": 0, "dimensions": { "concept": "ifrs-full:NumberOfSharesIssued", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "xbrli:shares" } }, "f17261": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:GBP" } }, "f17265": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:GBP" } }, "f17266": { "value": "7429494", "decimals": 0, "dimensions": { "concept": "ifrs-full:NumberOfSharesIssued", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "xbrli:shares" } }, "f17268": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:GBP" } }, "f17270": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:GBP" } }, "f17314": { "value": "21300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17316": { "value": "102400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17318": { "value": "1617500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17320": { "value": "1741200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17322": { "value": "-3100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17324": { "value": "1738100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17328": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17330": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17332": { "value": "-342000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17334": { "value": "-342000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17336": { "value": "-2500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17338": { "value": "-344500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17342": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17344": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17346": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17348": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17350": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17352": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17355": { "value": "0", "decimals": -6, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17357": { "value": "0", "decimals": -6, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17359": { "value": "-341800000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17361": { "value": "-341800000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17363": { "value": "-2500000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17365": { "value": "-344300000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17370": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17372": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17374": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17376": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17378": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17380": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17384": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17386": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17388": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17390": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17392": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17394": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17398": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17400": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17402": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17404": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17406": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17408": { "value": "2900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17412": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17414": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17416": { "value": "12700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17418": { "value": "12700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17420": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17422": { "value": "12700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17425": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17427": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17429": { "value": "-17800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17431": { "value": "-17700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17433": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17435": { "value": "-17700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17438": { "value": "21300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17440": { "value": "102500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17442": { "value": "1257900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17444": { "value": "1381700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17446": { "value": "-5600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17448": { "value": "1376100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17452": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17454": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17456": { "value": "-170900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17458": { "value": "-170900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17460": { "value": "-3500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17462": { "value": "-174400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17466": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17468": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17470": { "value": "-900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17472": { "value": "-900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17474": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17476": { "value": "-900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17479": { "value": "0", "decimals": -6, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17481": { "value": "0", "decimals": -6, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17483": { "value": "-171800000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17485": { "value": "-171800000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17487": { "value": "-3500000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17489": { "value": "-175300000", "decimals": -5, "dimensions": { "concept": "ipo:ComprehensiveIncomeEquity", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17494": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17496": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17498": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17500": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17502": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17504": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17508": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17510": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17512": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17514": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17516": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17518": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17522": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17524": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17526": { "value": "13000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17528": { "value": "13000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17530": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17532": { "value": "13000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17535": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17537": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17539": { "value": "-10500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17541": { "value": "-10500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17543": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17545": { "value": "-10500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17548": { "value": "21300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f17550": { "value": "102500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "f17552": { "value": "1075600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f17554": { "value": "1199400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f17556": { "value": "-9100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f17558": { "value": "1190300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800HG22UM138WFG43", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f17581": { "value": "1. Basis of preparation
A) Basis of preparation
The Annual Report and Accounts of IP Group plc (\u201cIP Group\u201d or the
\u201cCompany\u201d) and its subsidiary companies (together, the \u201cGroup\u201d)
are for the year ended 31 December 2023. The principal accounting
policies adopted in the preparation of the financial statements are
set out below. The policies have been consistently applied to all
the years presented, unless otherwise stated. The Group financial
statements have been prepared and approved by the directors in
accordance with UK\u2013adopted international accounting standards
(\u201cUK\u2013adopted IFRS\u201d).
The preparation of financial statements in compliance with IFRS
requires the use of certain critical accounting estimates. It also
requires Group management to exercise judgement in the most
appropriate selection of the Group\u2019s accounting policies. The areas
where significant judgements and estimates have been made in
preparing the financial statements and their effect are disclosed in
note 2.
Going concern
The financial statements are prepared on a going concern
basis. The directors have completed a detailed financial forecast
alongside severe but plausible scenario\u2013based downside stress\u2013
testing, including the impact of declining portfolio values and a
reduced ability to generate portfolio realisations.
At the balance sheet date, the Group had cash and deposits
of \u00a3226.9m, providing liquidity for at least two years\u2019 operating
expenses, portfolio investment and debt repayments at recent
levels. Furthermore, the Group has a portfolio of investments
valued at around \u00a31.2bn, which is anticipated to provide further
liquidity over the forecast period. Accordingly, our forecasting
indicates that the Group has adequate resources to enable it to
meet its obligations including its debt covenants and to continue
in operational existence for at least the next twelve months from
the approval date of the accounts. For further details see the
Group\u2019s viability statement on page 73.
Changes in accounting policies
(i) New standards, interpretations and amendments effective
from 1 January 2023
No new standards, interpretations and amendments effective
in the year have had a material effect on the Group\u2019s financial
statements.
(ii) New standards, interpretations and amendments not yet
effective
No new standards, interpretations and amendments not yet
effective are expected to have a material effect on the Group\u2019s
future financial statements.
B) Basis of consolidation
IFRS 10 Investment Entity Exemption
IFRS 10 defines an investment entity as one which:
a.
Obtains funds from one or more investors for the purpose
of providing those investors with investment management
services
b.
Commits to its investors that its business purpose is to invest
funds solely for returns from capital appreciation, investment
income or both
c.
Measures and evaluates the performance of substantially all of
its investments on a fair value basis
We believe that IP Group plc does not meet this definition of an
investment entity with the key factors behind this conclusion being:
\u2022
the absence of specific exit strategies for early\u2013stage assets
(indicating condition (b) above is not satisfied)
\u2022
the ability to hold investments indefinitely (indicating condition
(b) above is not satisfied)
\u2022
the flexibility to explore the direct commercialisation of
intellectual property within the Group if that is determined to be
the most attractive means of generating value for shareholders.
(indicating condition (a) above is not satisfied)
Accordingly, we have applied IFRS 10 consolidation principles for
each group of entities as follows:
(i) Subsidiaries
Where the Group has control over an entity, it is classified as a
subsidiary. Typically, the Group owns a non\u2013controlling interest
in its portfolio companies; however, in certain circumstances,
the Group takes a controlling interest and hence categorises
the portfolio company as a subsidiary. As per IFRS 10, an entity is
classed as under the control of the Group when all three of the
following elements are present: power over the entity; exposure to
variable returns from the entity; and the ability of the Group to use
its power to affect those variable returns.
In situations where the Company has the practical ability to direct
the relevant activities of the investee without holding the majority
of the voting rights, it is considered that de facto control exists. In
determining whether de facto control exists the Group considers
the relevant facts and circumstances, including:
\u2022
The size of the Company\u2019s voting rights relative to both the size
and dispersion of other parties who hold voting rights;
\u2022
Substantive potential voting rights held by the Company and by
other parties;
\u2022
Other contractual arrangements; and
\u2022
Historic patterns in voting attendance.
In assessing the IFRS 10 control criteria in respect of the Group\u2019s
private portfolio companies, direction of the relevant activities
of the company is usually considered to be exercised by the
company\u2019s board, therefore the key control consideration is
whether the Group currently has a majority of board seats on a
given company\u2019s board, or is able to obtain a majority of board
seats via the exercise of its voting rights. Control is reassessed
whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of
the Company and its subsidiaries as if they formed a single
entity. Intercompany transactions and balances between Group
companies are therefore eliminated in full. The consolidated
financial statements incorporate the results of business
combinations using the acquisition method. In the statement of
financial position, the acquiree\u2019s identifiable assets and liabilities
are initially recognised at their fair values at the acquisition date.
Contingent liabilities dependent on the disposed value of an
associated investment are only recognised when the fair value is
above the associated threshold. The results of acquired operations
are included in the consolidated statement of comprehensive
income from the date on which control is obtained. They are
consolidated until the date on which control ceases.
(ii) Associates/portfolio companies
The majority of the Group\u2019s portfolio companies are deemed to
be Associates, as the Group has significant influence (generally
accompanied by a shareholding of between 20% and 50% of
the voting rights) but not control. A small number of the Group\u2019s
portfolio companies are controlled and hence consolidated, as per
section (i) above.
As permitted under IAS 28, the Group elects to hold investments
in Associates at fair value through profit and loss in accordance
with IFRS 9. This treatment is specified by IAS 28 Investment in
Associates and Joint Ventures, which permits investments held
by a venture capital organisation or similar entity to be excluded
from its measurement methodology requirements where those
investments are designated, upon initial recognition, as at fair
value through profit or loss and accounted for in accordance
with IFRS 9 Financial Instruments. Therefore, no associates are
presented on the consolidated statement of financial position.
Changes in fair value of associates are recognised in profit or
loss in the period of the change. The Group has no interests in
Associates through which it carries on its operating business.
During 2023, the Group made a \u00a30.6m investment into a Joint
Venture established in preparation for potential fund operations
in China. Joint ventures are held at fair value with any change in
value recognised through the income statement.
The disclosures required by Section 409 of the Companies Act
2006 for associated undertakings are included in note 13 of the
Company financial statements. Similarly, those investments which
may not have qualified as an Associate but fall within the wider
scope of significant holdings and so are subject to Section 409
disclosures of the Companies Act 2006 are included in note 11 of
the Company financial statements.
(iii) Limited Partnerships and Limited Liability Partnerships
(\u201cLimited Partnerships\u201d)
a) Consolidated Limited Partnership fund holdings
The Group has a holding in the following Limited Partnership fund,
which it determines that it controls and hence consolidates on a
line by line basis:
Interest in Limited
partnership
Name
%
IP Venture Fund II LP (\u201cIPVFII\u201d)
33.3
In order to determine whether the Group controls the above funds,
it has considered the IFRS 10 control model and related application
guidance. In respect of IPVFII, the Group has power via its role as
fund manager of the partnership, and exposure to variable returns
via its 33.3% ownership interest, resulting in the conclusion that the
Group controls and hence consolidates the fund.
b) Other non-consolidated Limited Partnership fund holdings
In addition to Limited Partnerships where Group entities act as
general partner and investment manager, the Group has interests
in three further entities which are managed by third parties:
Interest in Limited
partnership
Name
%
IPG Cayman LP
58.1
UCL Technology Fund LP (\u201cUCL Fund\u201d)
46.4
Technikos LLP (\u201cTechnikos\u201d)
17.7
The rationale for IPG Cayman LP\u2019s categorisation as a
non-consolidated fund is considered a significant accounting
judgment and is set out in note 2.
The Group has a 46.4% interest in the total capital commitments
of the UCL Fund. The Group has committed \u00a324.8m to the fund
alongside the European Investment Fund (\u201cEIF\u201d), University College
London and other investors. Participation in the UCL Fund provides
the Group with the opportunity to generate financial returns and
visibility of potential intellectual property from across University
College London\u2019s research base.
The Group has an 17.7% interest in the total capital commitments of
Technikos, a fund with an exclusive pipeline agreement with Oxford
University\u2019s Institute of Biomedical Engineering.
See note 26 for disclosure of outstanding commitments in respect
of Limited Partnerships.
iv) Other third-party funds under management
In addition to the Limited Partnership fund IPVFII, described above,
the Group also manages other third-party funds, including within
its Parkwalk Advisors business unit, and on behalf of Australian
superannuation fund Hostplus. In both cases, the Group has no
direct beneficial interest in the assets being managed, and its sole
exposure to variable returns relates to performance fees payable
on exits above a specified hurdle. As a result, the Group is not
deemed to control these managed assets under IFRS10 and they
are not consolidated.
v) Non\u2013controlling interests
The total comprehensive income, assets and liabilities of non\u2013
wholly owned entities are attributed to owners of the parent and
to the non\u2013controlling interests in proportion to their relative
ownership interests.
vi) Business combinations
The Group accounts for business combinations using the
acquisition method from the date that control is transferred to the
Group (see (i) Subsidiaries above). Both the identifiable net assets
and the consideration transferred in the acquisition are measured
at fair value at the date of acquisition and transaction costs are
expensed as incurred. Goodwill arising on acquisitions is tested at
least annually for impairment. In instances where the Group owns
a non\u2013controlling stake prior to acquisition the step acquisition
method is applied, and any gain or losses on the fair value of
the pre\u2013acquisition holding is recognised in the consolidated
statement of comprehensive income.
C) Other accounting policies
Regulated capital
Top Technology Ventures Limited and Parkwalk Advisors Ltd,
are Group subsidiaries which are subject to external capital
requirements imposed by the Financial Conduct Authority (\u201cFCA\u201d).
Similarly, the Group\u2019s subsidiary in Hong Kong IP Group Greater
China Services Limited is subject to external capital requirements
imposed by the Securities and Futures Commission of Hong Kong
(\u201cSFC\u201d). As such these entities must ensure that they have sufficient
capital to satisfy their respective requirements. The Group ensures
it remains compliant with these requirements as described in their
respective financial statements.
Cash flow statement classification of portfolio investments
Cash flow relating to portfolio investments have been presented
as investing cash flows as opposed to cash flows from operating
activities. Management considers this to be an appropriate
classification representing the fact that the relevant cashflows are
allocated towards resources intended to generate future income
and cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17585": { "value": "IP Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17586": { "value": "IP Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17587": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17590": { "value": "2023-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17605": { "value": "Going concern
The financial statements are prepared on a going concern
basis. The directors have completed a detailed financial forecast
alongside severe but plausible scenario\u2013based downside stress\u2013
testing, including the impact of declining portfolio values and a
reduced ability to generate portfolio realisations.
At the balance sheet date, the Group had cash and deposits
of \u00a3226.9m, providing liquidity for at least two years\u2019 operating
expenses, portfolio investment and debt repayments at recent
levels. Furthermore, the Group has a portfolio of investments
valued at around \u00a31.2bn, which is anticipated to provide further
liquidity over the forecast period. Accordingly, our forecasting
indicates that the Group has adequate resources to enable it to
meet its obligations including its debt covenants and to continue
in operational existence for at least the next twelve months from
the approval date of the accounts. For further details see the
Group\u2019s viability statement on page 73.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17625": { "value": "Changes in accounting policies
(i) New standards, interpretations and amendments effective
from 1 January 2023
No new standards, interpretations and amendments effective
in the year have had a material effect on the Group\u2019s financial
statements.
(ii) New standards, interpretations and amendments not yet
effective
No new standards, interpretations and amendments not yet
effective are expected to have a material effect on the Group\u2019s
future financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17626": { "value": "Changes in accounting policies
(i) New standards, interpretations and amendments effective
from 1 January 2023
No new standards, interpretations and amendments effective
in the year have had a material effect on the Group\u2019s financial
statements.
(ii) New standards, interpretations and amendments not yet
effective
No new standards, interpretations and amendments not yet
effective are expected to have a material effect on the Group\u2019s
future financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17642": { "value": "B) Basis of consolidation
IFRS 10 Investment Entity Exemption
IFRS 10 defines an investment entity as one which:
a.
Obtains funds from one or more investors for the purpose
of providing those investors with investment management
services
b.
Commits to its investors that its business purpose is to invest
funds solely for returns from capital appreciation, investment
income or both
c.
Measures and evaluates the performance of substantially all of
its investments on a fair value basis
We believe that IP Group plc does not meet this definition of an
investment entity with the key factors behind this conclusion being:
\u2022
the absence of specific exit strategies for early\u2013stage assets
(indicating condition (b) above is not satisfied)
\u2022
the ability to hold investments indefinitely (indicating condition
(b) above is not satisfied)
\u2022
the flexibility to explore the direct commercialisation of
intellectual property within the Group if that is determined to be
the most attractive means of generating value for shareholders.
(indicating condition (a) above is not satisfied)
Accordingly, we have applied IFRS 10 consolidation principles for
each group of entities as follows:
(i) Subsidiaries
Where the Group has control over an entity, it is classified as a
subsidiary. Typically, the Group owns a non\u2013controlling interest
in its portfolio companies; however, in certain circumstances,
the Group takes a controlling interest and hence categorises
the portfolio company as a subsidiary. As per IFRS 10, an entity is
classed as under the control of the Group when all three of the
following elements are present: power over the entity; exposure to
variable returns from the entity; and the ability of the Group to use
its power to affect those variable returns.
In situations where the Company has the practical ability to direct
the relevant activities of the investee without holding the majority
of the voting rights, it is considered that de facto control exists. In
determining whether de facto control exists the Group considers
the relevant facts and circumstances, including:
\u2022
The size of the Company\u2019s voting rights relative to both the size
and dispersion of other parties who hold voting rights;
\u2022
Substantive potential voting rights held by the Company and by
other parties;
\u2022
Other contractual arrangements; and
\u2022
Historic patterns in voting attendance.
In assessing the IFRS 10 control criteria in respect of the Group\u2019s
private portfolio companies, direction of the relevant activities
of the company is usually considered to be exercised by the
company\u2019s board, therefore the key control consideration is
whether the Group currently has a majority of board seats on a
given company\u2019s board, or is able to obtain a majority of board
seats via the exercise of its voting rights. Control is reassessed
whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of
the Company and its subsidiaries as if they formed a single
entity. Intercompany transactions and balances between Group
companies are therefore eliminated in full. The consolidated
financial statements incorporate the results of business
combinations using the acquisition method. In the statement of
financial position, the acquiree\u2019s identifiable assets and liabilities
are initially recognised at their fair values at the acquisition date.
Contingent liabilities dependent on the disposed value of an
associated investment are only recognised when the fair value is
above the associated threshold. The results of acquired operations
are included in the consolidated statement of comprehensive
income from the date on which control is obtained. They are
consolidated until the date on which control ceases.
(ii) Associates/portfolio companies
The majority of the Group\u2019s portfolio companies are deemed to
be Associates, as the Group has significant influence (generally
accompanied by a shareholding of between 20% and 50% of
the voting rights) but not control. A small number of the Group\u2019s
portfolio companies are controlled and hence consolidated, as per
section (i) above.
As permitted under IAS 28, the Group elects to hold investments
in Associates at fair value through profit and loss in accordance
with IFRS 9. This treatment is specified by IAS 28 Investment in
Associates and Joint Ventures, which permits investments held
by a venture capital organisation or similar entity to be excluded
from its measurement methodology requirements where those
investments are designated, upon initial recognition, as at fair
value through profit or loss and accounted for in accordance
with IFRS 9 Financial Instruments. Therefore, no associates are
presented on the consolidated statement of financial position.
Changes in fair value of associates are recognised in profit or
loss in the period of the change. The Group has no interests in
Associates through which it carries on its operating business.
During 2023, the Group made a \u00a30.6m investment into a Joint
Venture established in preparation for potential fund operations
in China. Joint ventures are held at fair value with any change in
value recognised through the income statement.
The disclosures required by Section 409 of the Companies Act
2006 for associated undertakings are included in note 13 of the
Company financial statements. Similarly, those investments which
may not have qualified as an Associate but fall within the wider
scope of significant holdings and so are subject to Section 409
disclosures of the Companies Act 2006 are included in note 11 of
the Company financial statements.
(iii) Limited Partnerships and Limited Liability Partnerships
(\u201cLimited Partnerships\u201d)
a) Consolidated Limited Partnership fund holdings
The Group has a holding in the following Limited Partnership fund,
which it determines that it controls and hence consolidates on a
line by line basis:
Interest in Limited
partnership
Name
%
IP Venture Fund II LP (\u201cIPVFII\u201d)
33.3
In order to determine whether the Group controls the above funds,
it has considered the IFRS 10 control model and related application
guidance. In respect of IPVFII, the Group has power via its role as
fund manager of the partnership, and exposure to variable returns
via its 33.3% ownership interest, resulting in the conclusion that the
Group controls and hence consolidates the fund.
b) Other non-consolidated Limited Partnership fund holdings
In addition to Limited Partnerships where Group entities act as
general partner and investment manager, the Group has interests
in three further entities which are managed by third parties:
Interest in Limited
partnership
Name
%
IPG Cayman LP
58.1
UCL Technology Fund LP (\u201cUCL Fund\u201d)
46.4
Technikos LLP (\u201cTechnikos\u201d)
17.7
The rationale for IPG Cayman LP\u2019s categorisation as a
non-consolidated fund is considered a significant accounting
judgment and is set out in note 2.
The Group has a 46.4% interest in the total capital commitments
of the UCL Fund. The Group has committed \u00a324.8m to the fund
alongside the European Investment Fund (\u201cEIF\u201d), University College
London and other investors. Participation in the UCL Fund provides
the Group with the opportunity to generate financial returns and
visibility of potential intellectual property from across University
College London\u2019s research base.
The Group has an 17.7% interest in the total capital commitments of
Technikos, a fund with an exclusive pipeline agreement with Oxford
University\u2019s Institute of Biomedical Engineering.
See note 26 for disclosure of outstanding commitments in respect
of Limited Partnerships.
iv) Other third-party funds under management
In addition to the Limited Partnership fund IPVFII, described above,
the Group also manages other third-party funds, including within
its Parkwalk Advisors business unit, and on behalf of Australian
superannuation fund Hostplus. In both cases, the Group has no
direct beneficial interest in the assets being managed, and its sole
exposure to variable returns relates to performance fees payable
on exits above a specified hurdle. As a result, the Group is not
deemed to control these managed assets under IFRS10 and they
are not consolidated.
v) Non\u2013controlling interests
The total comprehensive income, assets and liabilities of non\u2013
wholly owned entities are attributed to owners of the parent and
to the non\u2013controlling interests in proportion to their relative
ownership interests.
vi) Business combinations
The Group accounts for business combinations using the
acquisition method from the date that control is transferred to the
Group (see (i) Subsidiaries above). Both the identifiable net assets
and the consideration transferred in the acquisition are measured
at fair value at the date of acquisition and transaction costs are
expensed as incurred. Goodwill arising on acquisitions is tested at
least annually for impairment. In instances where the Group owns
a non\u2013controlling stake prior to acquisition the step acquisition
method is applied, and any gain or losses on the fair value of
the pre\u2013acquisition holding is recognised in the consolidated
statement of comprehensive income.
C) Other accounting policies
Regulated capital
Top Technology Ventures Limited and Parkwalk Advisors Ltd,
are Group subsidiaries which are subject to external capital
requirements imposed by the Financial Conduct Authority (\u201cFCA\u201d).
Similarly, the Group\u2019s subsidiary in Hong Kong IP Group Greater
China Services Limited is subject to external capital requirements
imposed by the Securities and Futures Commission of Hong Kong
(\u201cSFC\u201d). As such these entities must ensure that they have sufficient
capital to satisfy their respective requirements. The Group ensures
it remains compliant with these requirements as described in their
respective financial statements.
Cash flow statement classification of portfolio investments
Cash flow relating to portfolio investments have been presented
as investing cash flows as opposed to cash flows from operating
activities. Management considers this to be an appropriate
classification representing the fact that the relevant cashflows are
allocated towards resources intended to generate future income
and cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17703": { "value": "(i) Subsidiaries
Where the Group has control over an entity, it is classified as a
subsidiary. Typically, the Group owns a non\u2013controlling interest
in its portfolio companies; however, in certain circumstances,
the Group takes a controlling interest and hence categorises
the portfolio company as a subsidiary. As per IFRS 10, an entity is
classed as under the control of the Group when all three of the
following elements are present: power over the entity; exposure to
variable returns from the entity; and the ability of the Group to use
its power to affect those variable returns.
In situations where the Company has the practical ability to direct
the relevant activities of the investee without holding the majority
of the voting rights, it is considered that de facto control exists. In
determining whether de facto control exists the Group considers
the relevant facts and circumstances, including:
\u2022
The size of the Company\u2019s voting rights relative to both the size
and dispersion of other parties who hold voting rights;
\u2022
Substantive potential voting rights held by the Company and by
other parties;
\u2022
Other contractual arrangements; and
\u2022
Historic patterns in voting attendance.
In assessing the IFRS 10 control criteria in respect of the Group\u2019s
private portfolio companies, direction of the relevant activities
of the company is usually considered to be exercised by the
company\u2019s board, therefore the key control consideration is
whether the Group currently has a majority of board seats on a
given company\u2019s board, or is able to obtain a majority of board
seats via the exercise of its voting rights. Control is reassessed
whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of
the Company and its subsidiaries as if they formed a single
entity. Intercompany transactions and balances between Group
companies are therefore eliminated in full. The consolidated
financial statements incorporate the results of business
combinations using the acquisition method. In the statement of
financial position, the acquiree\u2019s identifiable assets and liabilities
are initially recognised at their fair values at the acquisition date.
Contingent liabilities dependent on the disposed value of an
associated investment are only recognised when the fair value is
above the associated threshold. The results of acquired operations
are included in the consolidated statement of comprehensive
income from the date on which control is obtained. They are
consolidated until the date on which control ceases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17754": { "value": "(ii) Associates/portfolio companies
The majority of the Group\u2019s portfolio companies are deemed to
be Associates, as the Group has significant influence (generally
accompanied by a shareholding of between 20% and 50% of
the voting rights) but not control. A small number of the Group\u2019s
portfolio companies are controlled and hence consolidated, as per
section (i) above.
As permitted under IAS 28, the Group elects to hold investments
in Associates at fair value through profit and loss in accordance
with IFRS 9. This treatment is specified by IAS 28 Investment in
Associates and Joint Ventures, which permits investments held
by a venture capital organisation or similar entity to be excluded
from its measurement methodology requirements where those
investments are designated, upon initial recognition, as at fair
value through profit or loss and accounted for in accordance
with IFRS 9 Financial Instruments. Therefore, no associates are
presented on the consolidated statement of financial position.
Changes in fair value of associates are recognised in profit or
loss in the period of the change. The Group has no interests in
Associates through which it carries on its operating business.
During 2023, the Group made a \u00a30.6m investment into a Joint
Venture established in preparation for potential fund operations
in China. Joint ventures are held at fair value with any change in
value recognised through the income statement.
The disclosures required by Section 409 of the Companies Act
2006 for associated undertakings are included in note 13 of the
Company financial statements. Similarly, those investments which
may not have qualified as an Associate but fall within the wider
scope of significant holdings and so are subject to Section 409
disclosures of the Companies Act 2006 are included in note 11 of
the Company financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17906": { "value": "v) Non\u2013controlling interests
The total comprehensive income, assets and liabilities of non\u2013
wholly owned entities are attributed to owners of the parent and
to the non\u2013controlling interests in proportion to their relative
ownership interests. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17914": { "value": "vi) Business combinations
The Group accounts for business combinations using the
acquisition method from the date that control is transferred to the
Group (see (i) Subsidiaries above). Both the identifiable net assets
and the consideration transferred in the acquisition are measured
at fair value at the date of acquisition and transaction costs are
expensed as incurred. Goodwill arising on acquisitions is tested at
least annually for impairment. In instances where the Group owns
a non\u2013controlling stake prior to acquisition the step acquisition
method is applied, and any gain or losses on the fair value of
the pre\u2013acquisition holding is recognised in the consolidated
statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17915": { "value": "vi) Business combinations
The Group accounts for business combinations using the
acquisition method from the date that control is transferred to the
Group (see (i) Subsidiaries above). Both the identifiable net assets
and the consideration transferred in the acquisition are measured
at fair value at the date of acquisition and transaction costs are
expensed as incurred. Goodwill arising on acquisitions is tested at
least annually for impairment. In instances where the Group owns
a non\u2013controlling stake prior to acquisition the step acquisition
method is applied, and any gain or losses on the fair value of
the pre\u2013acquisition holding is recognised in the consolidated
statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17972": { "value": "Cash flow statement classification of portfolio investments
Cash flow relating to portfolio investments have been presented
as investing cash flows as opposed to cash flows from operating
activities. Management considers this to be an appropriate
classification representing the fact that the relevant cashflows are
allocated towards resources intended to generate future income
and cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17984": { "value": "2. Significant accounting estimates
and judgements
The directors make judgements and estimates concerning the
future. Estimates and judgements are continually evaluated and
are based on historical experience and other factors, such as
expectations of future events, and are believed to be reasonable
under the circumstances. Actual results may differ from these
estimates. The estimates and assumptions which have the most
significant effects on the carrying amounts of the assets and
liabilities in the financial statements are discussed below.
(i) Valuation of unquoted equity and debt investments and
limited partnership interests (significant estimate)
The Group\u2019s accounting policy in respect of the valuation of
unquoted equity and debt investments is set out in note 13, and in
respect of limited partnership interests in note 14. In applying this
policy, the key areas over which judgement are exercised include:
\u2022
Consideration of whether a funding round is at arm\u2019s length
and therefore representative of fair value.
\u2022
The relevance of the price of recent investment as an input to
fair value, which typically becomes more subjective as the time
elapsed between the recent investment date and the balance
sheet date increases.
\u2022
In the case of companies with complex capital structures,
the appropriate methodology for assigning value to different
classes of equity based on their differing economic rights.
\u2022
Where an upwards or downwards calibration adjustment to
a funding transaction valuation to reflect positive or negative
developments within the company in question, the size of the
adjustment made.
\u2022
Where using valuation methods such as discounted cash flows
or revenue multiples, the assumptions around inputs including
the probability of achieving milestones and the discount rate
used, and the choice of comparable companies used within
revenue multiple analysis.
\u2022
Where valuations are based on future events such as sales
processes or future funding rounds, the appropriate level of
execution risk to be applied to the anticipated event when
assessing its valuation impact as at the balance sheet date.
\u2022
Debt investments typically represent convertible debt; in such
cases judgement is exercised in respect of the estimated equity
value received on conversion of the loan.
Valuations are based on management\u2019s judgement after
consideration of the above and upon available information
believed to be reliable, which may be affected by conditions in the
financial markets. Due to the inherent uncertainty of the investment
valuations, the estimated values may differ significantly from the
values that would have been used had a ready market for the
investments existed, and the differences could be material. Note 13
provides disclosure details on sensitivity and estimation uncertainty.
(ii) Application of IFRS 10 in respect of Istesso Limited and IPG
Cayman LP (significant judgement)
Istesso Limited
In respect of Istesso Limited, although the Group has a 56.5%
undiluted economic interest in the company, the Group holds a
significant proportion of its equity via non\u2013voting shares resulting in
it holding less than 50% of the voting rights at the company. Under
Istesso\u2019s Articles of Association, strategic and day-to-day decisions
over running of the business rest with Istesso\u2019s board of directors
rather than through shareholder voting rights attached to direct
ownership of equity interests held in the entity. In this respect, power
over Istesso is exercised predominantly through directors\u2019 meetings,
on which IP Group is not deemed to have majority representation.
As such, the relationship between Istesso and IP Group is designed
in such a way that \u201cshareholder\u201d voting rights are not the dominant
factor in deciding who directs the investee\u2019s relevant activities, but
it is the directors who do so. IP Group does not control the board of
Istesso Limited via a majority of board directors, and is specifically
prevented from appointing additional directors to gain control of
the board via restrictions in Istesso\u2019s Articles of Association.
During the year, the Group provided a \u00a313.5m convertible loan to
Istesso Limited. This was in addition to a \u00a310m convertible loan
which was provided in 2022. The terms of the loans contain specific
provisions preventing their conversion where this would result in IP
Group obtaining control of Istesso. In addition, the Group provided
\u00a31.5m equity funding to Istesso in 2023. As part of this transaction,
convertible loans advanced by IP Group and a third party in
2020 converted into equity, leading to a marginal increase in IP
Group\u2019s economic interest (from 56.4% to 56.5%), but a decrease
in IP Group\u2019s voting rights as a result of IP Group\u2019s debt conversion
being into non-voting shares.
Based on an updated control assessment, including
considerations around whether IP Group has \u2018de facto\u2019 control of
Istesso including inter alia the number of voting shares held by
the Group and its connected parties and the dispersion of other
parties\u2019 voting rights, we have concluded that the Group does not
control Istesso Limited under IFRS 10.
Had we concluded that consolidation in the current year was
appropriate, the impact on the Group Balance Sheet would have
been to recognise Istesso Limited\u2019s assets and liabilities and to
recognise additional intangible assets including goodwill based
on the fair value of the company at acquisition. The impact on
the Group Income Statement would have been the recognition of
Istesso Limited\u2019s costs from the point of acquisition. Furthermore,
any subsequent fair value movements in the debt and equity of
Istesso Limited would not be recognised until the point where IP
Group was no longer deemed to control Istesso Limited.
IPG Cayman LP
The Group\u2019s US portfolio is held via a limited partnership fund,
IPG Cayman LP, which was set up in 2018 to facilitate third-party
investment into this portfolio. The fund is managed by Longview
Innovations Inc., formerly an operating subsidiary of the Group.
Prior to 2021, the Group was judged to control both IPG Cayman
LP and Longview innovations Inc. under IFRS 10 and hence both
entities were consolidated.
In 2021, several events took place which caused us to reassess the
Group\u2019s control of both entities:
\u2022
IPG Cayman LP raised additional third\u2013party funds in the
first half of 2021, which reduced the Group\u2019s stake in the fund
from 80.7% to 58.1% and revised the fund\u2019s Limited Partnership
Agreement to reduced the Group\u2019s rights to replace the fund
manager.
\u2022
Investors in the 2021 IPG Cayman LP funding round hold an
option to subscribe additional funds which, if exercised, would
result in IP Group holding less than 50% in the fund.
\u2022
In November 2021 the Group disposed of its equity in IPG
Cayman LP\u2019s fund manager, Longview Innovations Inc. and
hence no longer controls the fund manager.
As a result of these changes, our control assessment concluded
that Longview Innovations Inc, is acting as an agent on behalf of
all investors in the Cayman LP and not solely IPG plc, therefore
the Group no longer controls IPG Cayman LP. The Group therefore
ceased to consolidate it from November 2021.
Arriving at this conclusion required the application of judgement,
most significantly in assessing the application guidance contained
in IFRS 10 B19 which suggests that in some instances a special
relationship may exist (such as the fact that we remain the largest
individual investor in the fund), implying that an investor has a
more than passive interest in the investee. Having considered this
guidance we have concluded that on balance the Group does not
have power over IPG Cayman LP and hence does not control it.
During 2023, the Group advanced $10m into IPG Cayman LP via a
Simple Agreement for Future Equity (\u201cSAFE\u201d). The terms of this SAFE
were consistent with those of another third party who entered
into a SAFE with IPG Cayman LP in the year and did not confer any
additional substantive rights to the Group in the normal course
of business and as a result did not change the consolidation
conclusion in respect of IPG Cayman LP.
Had we concluded that consolidation was appropriate in the
current year, the impact on the Group Balance Sheet would have
been a gross-up adjustment to reflect the full value of IPG Cayman
LP\u2019s assets and liabilities, with no impact on the Group\u2019s net assets.
The impact on the Group Income Statement would have been to
recognise IPG\u2019s gross portfolio fair value movements and costs
from the date of acquisition, with profits attributable to minority
interest in IPG Cayman LP being reflected as a movement in
Minority Interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18205": { "value": "3. Financial risk management
As set out in the principal risks and uncertainties section on
pages 64 to 72, the Group is exposed, through its normal
operations, to a number of financial risks, the most significant of
which are market, liquidity and credit risks.
In general, risk management is carried out throughout the Group
under policies approved by the Board of Directors. The following
further describes the Group\u2019s objectives, policies and processes
for managing those risks and the methods used to measure
them. Further quantitative information in respect of these risks is
presented throughout these financial statements.
A) Market risk
Price risk
The Group is exposed to equity securities price risk as a result
of the equity and debt investments, and investments in Limited
Partnerships held by the Group and recognised as at fair value
through profit or loss.
The Group mitigates this risk by having established investment
appraisal processes and asset monitoring procedures which
are subject to overall review by the Board. The Group has also
established corporate finance and communications teams
dedicated to supporting portfolio companies with fundraising
activities and investor relations.
The Group holds ten investments valued at \u00a3203.8m which are
publicly traded (2022: 13, \u00a3228.7m), and the remainder of its
investments are not traded on an active market.
The net portfolio loss in 2023 of \u00a3160.5m represents a 13%
decrease against the opening balance (2022: loss of \u00a3304.3m,
21.5%). Sensitivity analysis showing the impact of movements in
quoted equity and debt investments is disclosed in note 13, and
movements in Limited and Limited Liability interests is shown in
note 14.
(ii) Foreign exchange risk
The Groups\u2019 main exposure to foreign currency risk is via its
investment portfolio, which is partially denominated in US dollars,
Australian dollars, Euros and Swedish Krona. Further details of
currency exposure in the portfolio are given in notes 13 and 14.
The Group\u2019s US dollar-denominated proceeds included in deferred
consideration at December 2023 was \u00a39.4m (2022: \u00a335.5m). The
reduction is largely due to the receipt of US dollar-denominated
proceeds totalling \u00a330.8m in the first half of 2023 relating to the
disposal of WaveOptics.
The Group periodically enters into forward foreign exchange
contracts to mitigate risk of exchange rate exposure in respect
of non GPD-denominated proceeds. As at 31 December 2023 the
notional amount of the forward foreign exchange contracts held
by the Company was \u00a3nil (2022: $26.3m). The settlement date of
the contacts outstanding in 2022 was 30 June 2023.
(iii) Interest rate risk
The Group holds a debt facility with the European Investment
Bank and a loan note facility primarily with Phoenix Group with the
overall balance as at 31 December 2023 amounting to \u00a3135.6m
(excluding setup costs). These loans are all subject to fixed rate
interest (following the repayment of variable rate loans in the year)
being subject to an average fixed rate interest of 4.99% (2022:
4.65%).
For further details of the Group\u2019s loans including covenant details
see note 19.
The other primary impact of interest rate risk to the Group is the
impact on the income and operating cash flows as a result of the
interest\u2013bearing deposits and cash and cash equivalents held by
the Group.
\n
(iv) Concentrations of risk
\n
The Group is exposed to concentration risk via the significant majority of the portfolio being UK\u2013based companies and thus subject to the
\n
performance of the UK economy. In recent years, the Group has decreased the scale of its operations in the US as a result of the dilution
\n
of its holding in IPG Cayman LP. The group has, however, the scale of its operations in Australia have increased as a result of additional
\n
investment in this geography and portfolio value gains.
\n
The Group mitigates this risk, in co\u2013ordination with liquidity risk, by managing its proportion of fixed to floating rate financial assets.
\n
The table below summarises the interest rate profile of the Group.
2023
2022
Fixed
Floating
Interest
Fixed
Floating
Interest
rate
rate
free
Total
rate
rate
free
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Equity investments
\u2013
\u2013
1,011.5
1,011.5
\u2013
\u2013
1,120.8
1,120.8
Debt investments
\u2013
\u2013
83.7
83.7
\u2013
\u2013
38.1
38.1
Limited and limited liability partnership
interests
\u2013
\u2013
69.7
69.7
\u2013
\u2013
99.6
99.6
Trade receivables
\u2013
\u2013
0.6
0.6
\u2013
\u2013
2.1
2.1
Other receivables
\u2013
\u2013
7.6
7.6
\u2013
\u2013
6.7
6.7
Receivable on sale of debt and equity
investments
\u2013
\u2013
9.2
9.2
\u2013
\u2013
48.2
48.2
Deposits
126.0
\u2013
\u2013
126.0
152.8
\u2013
\u2013
152.8
Cash and cash equivalents
16.8
83.9
0.2
100.9
\u2013
88.7
\u2013
88.7
Total
142.8
83.9
1,182.5
1,409.2
152.8
88.7
1,315.5
1,557.0
Financial liabilities
Trade payables
\u2013
\u2013
(0.5)
(0.5)
\u2013
\u2013
(1.3)
(1.3)
Other accruals and deferred income
\u2013
\u2013
(16.5)
(16.5)
\u2013
\u2013
(15.6)
(15.6)
Borrowings
(135.2)
\u2013
\u2013
(135.2)
(81.4)
\u2013
\u2013
(81.4)
Carried interest plan liability
\u2013
\u2013
(38.0)
(38.0)
\u2013
\u2013
(44.1)
(44.1)
Deferred tax liability
\u2013
\u2013
(4.8)
(4.8)
\u2013
\u2013
(6.8)
(6.8)
Loans from Limited Partners of
consolidated funds
\u2013
\u2013
(19.8)
(19.8)
\u2013
\u2013
(19.5)
(19.5)
Revenue share liability
\u2013
\u2013
(6.4)
(6.4)
\u2013
\u2013
(13.0)
(13.0)
Total
(135.2)
\u2013
(86.0)
(221.2)
(81.4)
\u2013
(100.3)
(181.7)
\n
At 31 December 2023, if interest rates had been 1% higher/lower, post-tax loss for the year, and other components of equity, would have
\n
been \u00a32.2m (2022: \u00a32.0m) higher/lower as a result of higher interest received on cash and deposits.
B) Liquidity risk
The Group seeks to manage liquidity risk, to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets
safely and profitably. The Group\u2019s treasury management policy asserts that at any one point in time no more than 60% of the Group\u2019s
cash and cash equivalents will be placed in fixed-term deposits with a holding period greater than three months. Accordingly, the Group
only invests working capital in short-term instruments issued by reputable counterparties. The Group continually monitors rolling cash
flow forecasts to ensure sufficient cash is available for anticipated cash requirements.
C) Credit risk
The Group\u2019s credit risk is primarily attributable to its deposits, cash and cash equivalents, debt investments and trade receivables. The
Group seeks to mitigate its credit risk on cash and cash equivalents by making short-term deposits with counterparties, or by investing in
treasury funds with an \u201cAA\u201d credit rating or above managed by institutions. Short-term deposit counterparties are required to have most
recently reported total assets in excess of \u00a35bn and, where applicable, a prime short-term credit rating at the time of investment (ratings
are generally determined by Moody\u2019s or Standard & Poor\u2019s). Moody\u2019s prime credit ratings of \u201cP1\u201d, \u201cP2\u201d and \u201cP3\u201d indicate respectively that
the rating agency considers the counterparty to have a \u201csuperior\u201d, \u201cstrong\u201d or \u201cacceptable\u201d ability to repay short-term debt obligations
(generally defined as having an original maturity not exceeding 13 months). An analysis of the Group\u2019s deposits and cash and cash
equivalents balance analysed by credit rating as at the reporting date is shown in the table opposite. All other financial assets are unrated.
\n \n
2023
2022
Credit rating
\u00a3m
\u00a3m
P1
158.9
177.4
AAAMMF
1
66.7
54.6
Other
2
1.3
9.5
Total deposits and cash and cash equivalents
226.9
241.5
1
The Group holds \u00a366.7m (2022: \u00a354.6m) with JP Morgan GBP liquidity fund, which has a AAAMMF credit rating with Fitch.
2
The Group holds \u00a31.3m (2022: \u00a39.5m) with Arbuthnot Latham, a private bank with no debt in issue and, accordingly, on which a credit rating is not applicable. Bloomberg assess
Arbuthnot Latham\u2019s 1-year default probability at 0.020408% (2022: 0.2107%).
The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
The Group has detailed policies and strategies which seek to minimise these associated risks including defining maximum counterparty
exposure limits for term deposits based on their perceived financial strength at the commencement of the deposit. The single
counterparty limit for fixed term deposits in excess of 3 months at 31 December 2023 was the greater of 60% of total group cash or \u00a350m
(2022: 60%, \u00a350m). In addition, no single institution may hold more than the higher of 50% of total cash or \u00a350m. (2022: 50%, \u00a350m).
The group\u2019s exposure to credit risk on debt investments is managed in a similar way to equity security price risk, as described above,
through the Group\u2019s investment appraisal processes and asset monitoring procedures which are subject to overall review by the Board.
The maximum exposure to credit risk for debt investments, receivables and other financial assets is represented by their carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18218": { "value": "A) Market risk
Price risk
The Group is exposed to equity securities price risk as a result
of the equity and debt investments, and investments in Limited
Partnerships held by the Group and recognised as at fair value
through profit or loss.
The Group mitigates this risk by having established investment
appraisal processes and asset monitoring procedures which
are subject to overall review by the Board. The Group has also
established corporate finance and communications teams
dedicated to supporting portfolio companies with fundraising
activities and investor relations.
The Group holds ten investments valued at \u00a3203.8m which are
publicly traded (2022: 13, \u00a3228.7m), and the remainder of its
investments are not traded on an active market.
The net portfolio loss in 2023 of \u00a3160.5m represents a 13%
decrease against the opening balance (2022: loss of \u00a3304.3m,
21.5%). Sensitivity analysis showing the impact of movements in
quoted equity and debt investments is disclosed in note 13, and
movements in Limited and Limited Liability interests is shown in
note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18242": { "value": "(ii) Foreign exchange risk
The Groups\u2019 main exposure to foreign currency risk is via its
investment portfolio, which is partially denominated in US dollars,
Australian dollars, Euros and Swedish Krona. Further details of
currency exposure in the portfolio are given in notes 13 and 14.
The Group\u2019s US dollar-denominated proceeds included in deferred
consideration at December 2023 was \u00a39.4m (2022: \u00a335.5m). The
reduction is largely due to the receipt of US dollar-denominated
proceeds totalling \u00a330.8m in the first half of 2023 relating to the
disposal of WaveOptics.
The Group periodically enters into forward foreign exchange
contracts to mitigate risk of exchange rate exposure in respect
of non GPD-denominated proceeds. As at 31 December 2023 the
notional amount of the forward foreign exchange contracts held
by the Company was \u00a3nil (2022: $26.3m). The settlement date of
the contacts outstanding in 2022 was 30 June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18781": { "value": "B) Liquidity risk
The Group seeks to manage liquidity risk, to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets
safely and profitably. The Group\u2019s treasury management policy asserts that at any one point in time no more than 60% of the Group\u2019s
cash and cash equivalents will be placed in fixed-term deposits with a holding period greater than three months. Accordingly, the Group
only invests working capital in short-term instruments issued by reputable counterparties. The Group continually monitors rolling cash
flow forecasts to ensure sufficient cash is available for anticipated cash requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18790": { "value": "C) Credit risk
The Group\u2019s credit risk is primarily attributable to its deposits, cash and cash equivalents, debt investments and trade receivables. The
Group seeks to mitigate its credit risk on cash and cash equivalents by making short-term deposits with counterparties, or by investing in
treasury funds with an \u201cAA\u201d credit rating or above managed by institutions. Short-term deposit counterparties are required to have most
recently reported total assets in excess of \u00a35bn and, where applicable, a prime short-term credit rating at the time of investment (ratings
are generally determined by Moody\u2019s or Standard & Poor\u2019s). Moody\u2019s prime credit ratings of \u201cP1\u201d, \u201cP2\u201d and \u201cP3\u201d indicate respectively that
the rating agency considers the counterparty to have a \u201csuperior\u201d, \u201cstrong\u201d or \u201cacceptable\u201d ability to repay short-term debt obligations
(generally defined as having an original maturity not exceeding 13 months). An analysis of the Group\u2019s deposits and cash and cash
equivalents balance analysed by credit rating as at the reporting date is shown in the table opposite. All other financial assets are unrated.
\n \n
2023
2022
Credit rating
\u00a3m
\u00a3m
P1
158.9
177.4
AAAMMF
1
66.7
54.6
Other
2
1.3
9.5
Total deposits and cash and cash equivalents
226.9
241.5
1
The Group holds \u00a366.7m (2022: \u00a354.6m) with JP Morgan GBP liquidity fund, which has a AAAMMF credit rating with Fitch.
2
The Group holds \u00a31.3m (2022: \u00a39.5m) with Arbuthnot Latham, a private bank with no debt in issue and, accordingly, on which a credit rating is not applicable. Bloomberg assess
Arbuthnot Latham\u2019s 1-year default probability at 0.020408% (2022: 0.2107%).
The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
The Group has detailed policies and strategies which seek to minimise these associated risks including defining maximum counterparty
exposure limits for term deposits based on their perceived financial strength at the commencement of the deposit. The single
counterparty limit for fixed term deposits in excess of 3 months at 31 December 2023 was the greater of 60% of total group cash or \u00a350m
(2022: 60%, \u00a350m). In addition, no single institution may hold more than the higher of 50% of total cash or \u00a350m. (2022: 50%, \u00a350m).
The group\u2019s exposure to credit risk on debt investments is managed in a similar way to equity security price risk, as described above,
through the Group\u2019s investment appraisal processes and asset monitoring procedures which are subject to overall review by the Board.
The maximum exposure to credit risk for debt investments, receivables and other financial assets is represented by their carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18876": { "value": "Accounting Policy:
Revenue from services and other income is generated primarily from within the United Kingdom and is stated exclusive of value
added tax, with further revenue generated in the Group\u2019s Australian operations. Revenue is recognised when the Group satisfies its
performance obligations, in line with IFRS 15. Revenue breakdown and disclosure requirements under IFRS 15 have not been presented
as they are considered immaterial. Revenue from services and other income comprises:
Fund management services
Fund management fees include fiduciary fund management fees which are generally earned as a fixed percentage of total funds
under management and are recognised as the related services are provided and performance fees payable from realisation of
agreed returns to investors which are recognised as performance criterion are met.
Licence and royalty income
The Group\u2019s Intellectual Property licences typically constitute separate performance obligations, being separate from other promised
goods or services. Revenue is recognised in line with the performance obligations included in the licence, which can include sales-
based, usage-based or milestone-based royalties.
Advisory and corporate finance fees
Fees earned from the provision of business support services including executive search services and fees for IP Group representation
on portfolio company boards are recognised as the related services are provided. Corporate finance advisory fees are generally
earned as a fixed percentage of total funds raised and recognised at the time the related transaction is successfully concluded. In
some instances, these fees are settled via the issue of equity in the company receiving the corporate finance services at the same
price per share as equity issued as part of the financing round to which the advisory fees apply.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18877": { "value": "Accounting Policy:
Revenue from services and other income is generated primarily from within the United Kingdom and is stated exclusive of value
added tax, with further revenue generated in the Group\u2019s Australian operations. Revenue is recognised when the Group satisfies its
performance obligations, in line with IFRS 15. Revenue breakdown and disclosure requirements under IFRS 15 have not been presented
as they are considered immaterial. Revenue from services and other income comprises:
Fund management services
Fund management fees include fiduciary fund management fees which are generally earned as a fixed percentage of total funds
under management and are recognised as the related services are provided and performance fees payable from realisation of
agreed returns to investors which are recognised as performance criterion are met.
Licence and royalty income
The Group\u2019s Intellectual Property licences typically constitute separate performance obligations, being separate from other promised
goods or services. Revenue is recognised in line with the performance obligations included in the licence, which can include sales-
based, usage-based or milestone-based royalties.
Advisory and corporate finance fees
Fees earned from the provision of business support services including executive search services and fees for IP Group representation
on portfolio company boards are recognised as the related services are provided. Corporate finance advisory fees are generally
earned as a fixed percentage of total funds raised and recognised at the time the related transaction is successfully concluded. In
some instances, these fees are settled via the issue of equity in the company receiving the corporate finance services at the same
price per share as equity issued as part of the financing round to which the advisory fees apply.Accounting Policy:
Employee benefits
Pension obligations
The Group operates a company defined contribution pension scheme for which all employees are eligible. The assets of the scheme
are held separately from those of the Group in independently administered funds. The Group currently makes contributions on behalf
of employees to this scheme or to employee personal pension schemes on an individual basis. The Group has no further payment
obligations once the contributions have been paid. The contributions are recognised as employee benefit expenses when they are due.
Share\u2013based payments
The Group engages in equity-settled share-based payment transactions in respect of services receivable from employees, by
granting employees conditional awards of ordinary shares subject to certain vesting conditions. Conditional awards of shares are
made pursuant to the Group\u2019s Long-Term Incentive Plan (\u201cLTIP\u201d) awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair
value of the shares is estimated at the date of grant, taking into account the terms and conditions of the award, including market-
based performance conditions.
The fair value at the date of grant is recognised as an expense over the period that the employee provides services, generally the
period between the start of the performance period and the vesting date of the shares. The corresponding credit is recognised
in retained earnings within total equity. The fair value of services is calculated using the market value on the date of award and is
adjusted for expected and actual levels of vesting. Where conditional awards of shares lapse, the expense recognised to date is
credited to the statement of comprehensive income in the year in which they lapse. Where the terms for an equity-settled award are
modified, and the modification increases the total fair value of the share-based payment or is otherwise beneficial to the employee
at the date of modification, the incremental fair value is amortised over the vesting period.
See the Directors\u2019 Remuneration Report on pages 111 to 128 and note 22 for further details.Accounting Policy:
Deferred tax
Full provision is made for deferred tax on all temporary differences resulting from the carrying value of an asset or liability and its
tax base. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting
date and are expected to apply when the related deferred tax asset is realised or deferred tax liability settled. Deferred tax assets are
recognised to the extent that it is probable that the deferred tax asset will be recovered in the future.Accounting policy:
Financial assets and liabilities
Financial assets and liabilities are recognised in the balance
sheet when the relevant Group entity becomes a party to the
contractual provisions of the instrument. De\u2013recognition occurs
when rights to cash flows from a financial asset expire, or when a
liability is extinguished.
Derivative financial instruments are accounted for at fair value
through profit and loss in accordance with IFRS 9. They are
revalued at the balance sheet date based on market prices,
with any change in fair value being recorded in profit and loss.
Derivatives are recognised in the Consolidated statement of
financial position as a financial asset when their fair value
is positive and as a financial liability whey their fair value is
negative. The Group\u2019s derivative financial instruments are not
designated as hedging instruments.
Financial assets
In respect of regular way purchases or sales, the Group uses trade
date accounting to recognise or derecognise financial assets.
The Group classifies its financial assets into one of the categories
listed below, depending on the purpose for which the asset was
acquired.
At fair value through profit or loss
Held for trading and financial assets are recognised at fair
value through profit and loss. This category includes equity
investments, debt investments and investments in limited
partnerships. Investments in associated undertakings, which
are held by the Group with a view to the ultimate realisation of
capital gains, are also categorised as at fair value through profit
or loss. This measurement basis is consistent with the fact that
the Group\u2019s performance in respect of investments in equity
investments, limited partnerships and associated undertakings
is evaluated on a fair value basis in accordance with an
established investment strategy.
Financial assets at fair value through profit or loss are initially
recognised at fair value and any gains or losses arising from
subsequent changes in fair value are presented in profit or loss
in the statement of comprehensive income in the period which
they arise.
At amortised cost
These assets are non\u2013derivative financial assets with fixed
and determinable payments that are not quoted in an active
market. They arise principally through the provision of services
to customers (trade receivables) and are carried at cost less
provision for impairment.
Deposits
Deposits comprise longer\u2013term deposits held with financial
institutions with an original maturity of greater than three
months and, in line with IAS 7 are not included within cash and
cash equivalents. Cash flows related to investments in, and
maturities of amounts held on deposit are presented within
investing activities in the consolidated statement of cash flows.
Interest income related to deposits is included within cashflows
from operating activities.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-
term deposits held with financial institutions with an original
maturity of three months or less. Interest income related to
cash is included within cashflows from operating activities.
Financial liabilities
Current financial liabilities are composed of trade payables
and other short\u2013term monetary liabilities, which are recognised
at amortised cost.
Non\u2013current liabilities are composed of loans from Limited
Partners of consolidated funds, outstanding amounts drawn
down from a debt facility provided by the European Investment
Bank, loan notes provided by Phoenix Group, carried interest
plans liabilities, and revenue share liabilities arising as a result
of the Group\u2019s former Technology Pipeline Agreement with
University College London.
Unless otherwise indicated, the carrying amounts of the
Group\u2019s financial liabilities are a reasonable approximation to
their fair value. Non\u2013current liabilities are recognised initially at
fair value net of transaction costs incurred, and subsequently
at amortised cost.Accounting policy:
Fair value hierarchy
The Group classifies financial assets using a fair value hierarchy that reflects the significance of the inputs used in making the related fair value
measurements. The level in the fair value hierarchy, within which a financial asset is classified, is determined on the basis of the lowest level input that is
significant to that asset\u2019s fair value measurement. The fair value hierarchy has the following levels:
Level 1 \u2013 Quoted prices in active markets.
Level 2 \u2013 Inputs other than quoted prices that are observable, such as prices from market transactions.
Level 3 \u2013 One or more inputs that are not based on observable market data.
Equity investments
Fair value is the underlying principle and is defined as \u201cthe price that would be received to sell an asset in an orderly transaction between market
participants at the measurement date\u201d (IPEV guidelines, December 2022).
Where the equity structure of a portfolio company involves different class rights in a sale or liquidity event, the Group takes these different rights into
account when forming a view on the value of its investment.
Valuation techniques used
The fair value of unlisted securities is established using appropriate valuation techniques in line with December 2022 IPEV guidelines. The selection
of appropriate valuation techniques is considered on an individual basis in light of the nature, facts and circumstances of the investment and in the
expected view of market participants. The Group selects valuation techniques which make maximum use of market\u2013based inputs. Techniques are
applied consistently from period to period, except where a change would result in better estimates of fair value. Several valuation techniques may be
used so that the results of one technique may be used as a cross check/corroboration of an alternative technique.
Valuation techniques used include:
\u2022
Quoted bid price: The fair values of quoted investments are based on bid prices in an active market at the reporting date.
\u2022
Funding transaction: The fair value of unquoted investments which have recently raised equity financing may be calculated with reference to the price
of the recent investment. For investments for which the capital structure involves different class rights in a sale or liquidity event, a full scenario analysis
via the use of the probability\u2013weighted expected return method (PWERM) is used to calculate the implied values of the existing share classes.
\u2022
Other: Future market/commercial events: Scenario analysis is used, which is a forward\u2013looking method that considers one or more possible future
scenarios. These methods include simplified scenario analysis and relative value scenario analysis, which tie to the fully diluted (\u201cpost\u2013money\u201d) equity
value. The PWERM method may be utilised for this valuation technique for investments which have an equity structure which involves different class
rights in a sale or liquidity event.
\u2022
Other: Adjusted funding transaction price based on past performance \u2013 upwards/downwards: The milestone approach involves making an
assessment as to whether there is an indication of change in fair value based on a consideration of the relevant milestones, typically agreed at the
time of making the investment decision.
\u2022
Other: Discounted cash flows: deriving the value of a business by calculating the present value of expected future cash flows.
\u2022
Other: Revenue multiple: the application of an appropriate multiple to a performance measure (such as earnings or revenue) of the investee company
in order to derive a value for the business.
The fair value indicated by a recent transaction is used to calibrate inputs used with valuation techniques including those noted on page 174. At each
\n
measurement date, an assessment is made as to whether changes or events subsequent to the relevant transaction would imply a change in the
\n
investment\u2019s fair value. The Price of a Recent Investment is not considered a standalone valuation technique (see further considerations below). Where the
\n
current fair value of an investment is unchanged from the price of a funding transaction, the Group refers to the valuation basis as \u2018Funding transaction\u2019.
\n
Price of recent investment as an input in assessing fair value
\n
The Group considers that fair value estimates which are based primarily on observable market data will be of greater reliability than those based on
\n
assumptions. Given the nature of the Group\u2019s investments in seed, start\u2013up and early\u2013stage companies, where there are often no current and no short\u2013
\n
term future earnings or positive cash flows, it can be difficult to gauge the probability and financial impact of the success or failure of development or
\n
research activities and to make reliable cash flow forecasts. Consequently, in many cases the most appropriate approach to fair value is a valuation
\n
technique which is based on market data such as the price of a recent investment, and market participant assumptions as to potential outcomes.
\n
Calibrating such scenarios or milestones may result in a fair value equal to price of recent investment for a limited period of time. Often qualitative
\n
milestones provide a directional indication of the movement of fair value.
\n
In applying a calibrated scenario or milestone-approach to determine fair value, consideration is given to performance against milestones that were
\n
set at the time of the original investment decision, as well as taking into consideration the key market drivers of the investee company and the overall
\n
economic environment. Factors that the Group considers include, inter alia, technical measures such as product development phases and patent
\n
approvals, financial measures such as cash burn rate and profitability expectations, and market and sales measures such as testing phases, product
\n
launches and market introduction.
\n
Where the Group considers that there is an indication that the fair value has changed, an estimation is made of the required amount of any adjustment
\n
from the last price of recent investment.
\n
Where a deterioration in value has occurred, the Group reduces the carrying value of the investment to reflect the estimated decrease. If there is
\n
evidence of value creation the Group may consider increasing the carrying value of the investment; however, in the absence of additional financing
\n
rounds or profit generation it can be difficult to determine the value that a market participant may place on positive developments given the potential
\n
outcome and the costs and risks to achieving that outcome and accordingly caution is applied.
\n
Debt investments
\n
Debt investments are generally unquoted debt instruments which are convertible to equity at a future point in time. Such instruments are considered
\n
to be hybrid instruments containing a fixed rate debt host contract with an embedded equity derivative. The Group designates the entire hybrid
\n
contract at fair value through profit or loss on initial recognition and, accordingly, the embedded derivative is not separated from the host contract and
\n
accounted for separately. The price at which the debt investment was made may be a reliable indicator of fair value at that date depending on facts and
\n
circumstances. Any subsequent remeasurement will be recognised as changes in fair value in the statement of comprehensive income.
\n
Disclosure of unrealised and realised gains and losses
\n
\u2018Change in fair value of equity and debt investments\u2019 per the Group Income Statement represents unrealised revaluation gains and losses on the Group\u2019s
\n
portfolio of investment.
\n
Gains on disposal of equity investments represents the difference between the fair value of consideration received and the carrying value at the start of
\n
the accounting period for the investment in question.
\nChanges in fair values of investments do not constitute revenue.Accounting Policy:
Valuations in respect of Limited and Limited Liability Funds are based on IP Group\u2019s share of the Net Asset Value of the fund as per the
\n
audited financial statements prepared by the fund manager. The key judgements in the preparation of these accounts relate to the
\n
valuation of unquoted investments.
\n
Investments in these Limited and Limited Liability Partnerships are recognised at fair value through profit and loss in accordance with
\n
IFRS 9.
\n
\u2018Changes in fair value of Limited Partnership investments\u2019 per the Group Income Statement represents revaluation gains and losses
\non the Group\u2019s investment in Limited Partnership funds.Accounting Policy:
Consideration in respect of the sale of debt and equity investments may include elements of deferred consideration where payment
\n
is received at a pre\u2013agreed future date, and/or elements of contingent consideration where payment is received based on, for
\n
example, achievement of specific drug development milestones. In such instances, these amounts are designated at fair value
\n
through profit and loss on initial recognition. Any subsequent remeasurement will be recognised as changes in fair value in the
\nstatement of comprehensive income.Accounting Policy:
The Group consolidates the assets of a co\u2013investment fund, IP Venture Fund II LP, which it manages. Loans from third parties of
consolidated funds represent third\u2013party LP loans into this partnership. Under the terms of the Limited Partnership Agreement, these
loans are repayable only upon these funds generating sufficient realisations to repay the Limited Partners. Management anticipates
that the funds will generate the required returns and consequently recognises the full associated liabilities.Accounting Policy:
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised
cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated
statement of comprehensive income over the period of the borrowing using the effective interest rate method. Costs incurred in the
course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a straight line basis
over the term of the borrowings.Accounting Policy:
The Group provides for liabilities in respect of revenue sharing obligations arising under the former Technology Pipeline Agreement
\n
with Imperial College London. Under this agreement, the Group received founder equity in spin out companies from Imperial College,
\n
and following a sale of such founder equity, a pre\u2013specified \u201crevenue share\u201d (typically 50%) is payable to Imperial College and other
\n
third parties. The liability for this revenue share, based on fair value, is recognised as part of the movement in fair value through profit
\nor loss (see note 13 for further details).Accounting Policy:
Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after
deducting all liabilities. The objective of the Group is to manage capital so as to provide shareholders with above-average returns
through capital growth over the medium-to-long term. The Group considers its capital to comprise its share capital, share premium,
merger reserve and retained earnings.Accounting Policy:
The Group operates a number of Long-Term Incentive Carry Schemes (\u201cLTICS\u201d) for eligible employees which may result in payments
\n
to scheme participants relating to returns from investments.
\n
Under the Group\u2019s LTICS arrangements, a profit\u2013sharing mechanism exists whereby if a specific vintage delivers returns in excess
\n
of the base cost of investments together with an agreed hurdle rate, scheme participants receive a share of excess returns. Of the
\n
Group\u2019s total equity and debt investments, 69.0% are included in LTICS arrangements (2022: 66.6%).
\n
The calculation of the liability in respect of the Group\u2019s LTICS is derived from the fair value estimates for the relevant portfolio
\n
investments and does not involve significant additional judgement (although the fair value of the portfolio is a significant accounting
\n
estimate). The actual amounts of carried interest paid will depend on the cash realisations of individual vintages, and valuations
\n
may change significantly in the next financial year. Movements in the liability are recognised in the consolidated statement of
\ncomprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18901": { "value": "Revenue from services is derived from the provision of advisory and venture capital fund management services or from licensing activities, royalty revenues and patent cost recoveries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18902": { "value": "Revenue from services is derived from the provision of advisory and venture capital fund management services or from licensing activities, royalty revenues and patent cost recoveries.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f18907": { "value": "5. Operating segments
For both the year ended 31 December 2023 and the year ended 31 December 2022, the Group\u2019s revenue and profit before taxation were
derived largely from its principal activities within the UK.
For management reporting purposes, the Group is currently organised into five operating segments:
i.
Venture Capital investing within our \u2018Healthier future\u2019 thematic area
ii.
Venture Capital investing within our \u2018Tech-enriched future\u2019 thematic area
iii.
Venture Capital investing within our \u2018Regenerative future\u2019 thematic area
iv. Venture Capital investing: Other, representing investments not included within our three thematic areas above, including
platform investments
v.
the management of third-party funds and the provision of corporate finance advice
Reporting line items within Venture Capital investing which are not allocated by thematic sector are presented in the \u2018Venture Capital
investing: other\u2019 segment. The element of our \u2018Healthier future\u2019 thematic area relating to Oxford Nanopore Technologies Limited is
disclosed separately given its size.
debt investments
3.7
\u2013
33.2
0.1
1.6
38.6
\u2013
38.6
\n
These activities are described in further detail in the strategic report on pages 22 to 30.
Year ended 31 December 2023
Venture
Venture
capital
Venture
capital
investing:
capital
Venture
Venture
investing:
Of which
Tech-
investing:
capital
capital
Third-party
Healthier
Oxford
enriched
Regenerative
investing:
investing:
fund
STATEMENT OF
future
Nanopore
future
future
Other
Total
management
Consolidated
COMPREHENSIVE INCOME
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Portfolio return and revenue
Change in fair value of equity and
debt investments
(92.9)
(31.9)
(7.0)
(8.7)
(2.3)
(110.9)
\u2013
(110.9)
(Loss)/gain on disposal of equity
and debt investments
(12.9)
\u2013
2.1
\u2013
\u2013
(10.8)
\u2013
(10.8)
Change in fair value of limited and
limited liability partnership interests
(38.8)
(38.8)
\u2013
(38.8)
Revenue from services and other
income
1.3
1.3
4.6
5.9
(105.8)
(31.9)
(4.9)
(8.7)
(39.8)
(159.2)
4.6
(154.6)
Administrative expenses
1
Carried interest plan charge
1
4.7
4.7
\u2013
4.7
Share-based payment charge
1
(2.3)
(2.3)
(0.3)
(2.6)
Other administrative expenses
1
(22.6)
(22.6)
(5.4)
(28.0)
(20.2)
(20.2)
(5.7)
(25.9)
Operating loss
(105.8)
(31.9)
(4.9)
(8.7)
(60.0)
(179.4)
(1.1)
(180.5)
Finance income
1
9.4
9.4
0.4
9.8
Finance costs
1
(5.6)
(5.6)
\u2013
(5.6)
Loss before taxation
(105.8)
(31.9)
(4.9)
(8.7)
(56.2)
(175.6)
(0.7)
(176.3)
Taxation
1
1.9
1.9
\u2013
1.9
Loss for the year
(105.8)
(31.9)
(4.9)
(8.7)
(54.3)
(173.7)
(0.7)
(174.4)
STATEMENT OF FINANCIAL POSITION
Assets
576.5
173.6
231.4
275.3
310.2
1,393.4
18.2
1,411.6
Liabilities
1
(214.7)
(214.7)
(6.6)
(221.3)
Net Assets
576.5
173.6
231.4
275.3
95.5
1,178.7
11.6
1,190.3
Other segment items
Portfolio Investment
(33.9)
\u2013
(11.9)
(17.6)
(9.8)
(73.2)
\u2013
(73.2)
Proceeds from sale of equity and
Year ended 31 December 2022
Venture
Venture
capital
Venture
capital
investing:
capital
Venture
Venture
investing:
Of which
Tech-
investing:
capital
capital
Third-party
Healthier
Oxford
enriched
Regenerative
investing:
investing:
fund
STATEMENT OF
future
Nanopore
future
future
Other
Total
management
Consolidated
COMPREHENSIVE INCOME
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Portfolio return and revenue
Change in fair value of equity and
debt investments
(400.9)
(369.7)
(22.2)
121.7
2.0
(303.4)
\u2013
(303.4)
(Loss)/gain on disposal of equity
and debt investments
(12.0)
\u2013
4.0
\u2013
0.2
(7.8)
\u2013
(7.8)
Change in fair value of limited and
limited liability partnership interests
2.1
2.1
\u2013
2.1
Revenue from services and other
income
1.1
1.1
6.0
7.1
(412.9)
(369.7)
(18.1)
121.7
1.4
(308.0)
6.0
(302.0)
Administrative expenses
1
Carried interest plan charge
1
(12.0)
(12.0)
\u2013
(12.0)
Share-based payment charge
1
(2.6)
(2.6)
(0.3)
(2.9)
Other administrative expenses
1
(22.1)
(22.1)
(5.3)
(27.4)
(36.7)
(36.7)
(5.6)
(42.3)
Operating loss
(412.9)
(369.7)
(18.1)
121.7
(35.3)
(334.7)
0.4
(344.3)
Finance income
1
2.1
2.1
0.1
2.2
Finance costs
1
(1.4)
(1.4)
\u2013
(1.4)
Loss before taxation
(412.9)
(369.7)
(18.1)
121.7
(34.6)
(344.0)
0.5
(343.5)
Taxation
1
(1.0)
(1.0)
\u2013
(1.0)
Loss for the year
(412.9)
(369.7)
(18.1)
121.7
(35.6)
(345.0)
0.5
(344.5)
STATEMENT OF FINANCIAL POSITION
Assets
659.2
205.5
257.3
266.4
357.1
1,540.0
17.8
1,557.8
Liabilities
1
(176.0)
(176.0)
(5.7)
(181.7)
Net Assets
659.2
205.5
257.3
266.4
181.1
1,364.0
12.1
1,376. 1
Other segment items
Portfolio Investment
(40.9)
(3.2)
(21.7)
(26.2)
(4.7)
(93.5)
\u2013
(93.5)
Proceeds from sale of equity and
debt investments
15.6
\u2013
4.0
3.5
0.3
28.1
\u2013
28.1
1
These amounts cannot be apportioned to the individual segments of the venture capital investing business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20135": { "value": "6. Auditor\u2019s remuneration
Details of the auditor\u2019s remuneration are set out below:
2023
2022
\u00a3000
\u00a3000
Audit of these financial statements (KPMG LLP)
525.3
470.0
Audit of financial statements of funds and subsidiaries of the companies (KPMG LLP)
139.2
123.9
Audit related assurance services (KPMG LLP)
72.3
60.0
Total assurance services
736.8
653.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20180": { "value": "7. Operating loss
Operating loss has been arrived at after charging:
2023
2022
\u00a3000
\u00a3000
Depreciation of right-of-use asset, property, plant and equipment
(0.6)
(0.6)
Total staff costs (see note 9)
(19.0)
(20.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20211": { "value": "8. Other administrative expenses
Other administrative expenses comprise:
2023
2022
\u00a3000
\u00a3000
Employee costs (less share-based payment charge)
16.4
17.1
Professional services
4.2
4.0
Consolidated portfolio company costs
-
0.1
Depreciation of tangible assets
0.6
0.6
Other expenses
6.8
5.6
Total
28.0
27.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20212": { "value": "8. Other administrative expenses
Other administrative expenses comprise:
2023
2022
\u00a3000
\u00a3000
Employee costs (less share-based payment charge)
16.4
17.1
Professional services
4.2
4.0
Consolidated portfolio company costs
-
0.1
Depreciation of tangible assets
0.6
0.6
Other expenses
6.8
5.6
Total
28.0
27.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20288": { "value": "Accounting Policy:
Employee benefits
Pension obligations
The Group operates a company defined contribution pension scheme for which all employees are eligible. The assets of the scheme
are held separately from those of the Group in independently administered funds. The Group currently makes contributions on behalf
of employees to this scheme or to employee personal pension schemes on an individual basis. The Group has no further payment
obligations once the contributions have been paid. The contributions are recognised as employee benefit expenses when they are due.
Share\u2013based payments
The Group engages in equity-settled share-based payment transactions in respect of services receivable from employees, by
granting employees conditional awards of ordinary shares subject to certain vesting conditions. Conditional awards of shares are
made pursuant to the Group\u2019s Long-Term Incentive Plan (\u201cLTIP\u201d) awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair
value of the shares is estimated at the date of grant, taking into account the terms and conditions of the award, including market-
based performance conditions.
The fair value at the date of grant is recognised as an expense over the period that the employee provides services, generally the
period between the start of the performance period and the vesting date of the shares. The corresponding credit is recognised
in retained earnings within total equity. The fair value of services is calculated using the market value on the date of award and is
adjusted for expected and actual levels of vesting. Where conditional awards of shares lapse, the expense recognised to date is
credited to the statement of comprehensive income in the year in which they lapse. Where the terms for an equity-settled award are
modified, and the modification increases the total fair value of the share-based payment or is otherwise beneficial to the employee
at the date of modification, the incremental fair value is amortised over the vesting period.
See the Directors\u2019 Remuneration Report on pages 111 to 128 and note 22 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20299": { "value": "Share\u2013based payments
The Group engages in equity-settled share-based payment transactions in respect of services receivable from employees, by
granting employees conditional awards of ordinary shares subject to certain vesting conditions. Conditional awards of shares are
made pursuant to the Group\u2019s Long-Term Incentive Plan (\u201cLTIP\u201d) awards and/or the Group\u2019s Annual Incentive Scheme (\u201cAIS\u201d). The fair
value of the shares is estimated at the date of grant, taking into account the terms and conditions of the award, including market-
based performance conditions.
The fair value at the date of grant is recognised as an expense over the period that the employee provides services, generally the
period between the start of the performance period and the vesting date of the shares. The corresponding credit is recognised
in retained earnings within total equity. The fair value of services is calculated using the market value on the date of award and is
adjusted for expected and actual levels of vesting. Where conditional awards of shares lapse, the expense recognised to date is
credited to the statement of comprehensive income in the year in which they lapse. Where the terms for an equity-settled award are
modified, and the modification increases the total fair value of the share-based payment or is otherwise beneficial to the employee
at the date of modification, the incremental fair value is amortised over the vesting period.
See the Directors\u2019 Remuneration Report on pages 111 to 128 and note 22 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20318": { "value": "Employee costs (including Executive Directors) comprise:
2023
2022
\u00a3000
\u00a3000
Salaries
11.3
11.6
Defined contribution pension cost
1.1
1.0
Other bonuses accrued in the year
2.6
3.0
Social security
1.4
1.5
Employee costs
16.4
17.1
Share\u2013based payment charge (see note 22)
2.6
2.9
Total staff costs
19.0
20.0
The average monthly number of persons (including executive directors) employed by the Group during the year was 101, all of whom
were involved in management and administration activities (2022: 99). General details of the directors\u2019 remuneration can be found in the
Directors\u2019 Remuneration Report on pages 111 to 128.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20383": { "value": "The average monthly number of persons (including executive directors) employed by the Group during the year was 101, all of whom were involved in management and administration activities (2022: 99).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20405": { "value": "Accounting Policy:
Deferred tax
Full provision is made for deferred tax on all temporary differences resulting from the carrying value of an asset or liability and its
tax base. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting
date and are expected to apply when the related deferred tax asset is realised or deferred tax liability settled. Deferred tax assets are
recognised to the extent that it is probable that the deferred tax asset will be recovered in the future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20410": { "value": "Deferred tax
Full provision is made for deferred tax on all temporary differences resulting from the carrying value of an asset or liability and its
tax base. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting
date and are expected to apply when the related deferred tax asset is realised or deferred tax liability settled. Deferred tax assets are
recognised to the extent that it is probable that the deferred tax asset will be recovered in the future.
2023
2022
\u00a3000
\u00a3000
Current tax
UK corporation tax on profits for the year
\u2013
\u2013
Foreign tax
\u2013
\u2013
\u2013
\u2013
Deferred tax
(1.9)
1.0
Total tax
(1.9)
1.0
The Group primarily seeks to generate capital gains from its holdings in spin-out companies over the longer term. The majority of these
capital gains qualify for UK Substantial Shareholding Exemption (\u201cSSE\u201d) and are therefore not taxable, resulting in the Group making
annual net operating losses from its operations from a UK tax perspective.
Gains arising on sales of holdings which do not qualify for SSE will ordinarily give rise to taxable profits for the Group, to the extent that
these exceed the Group\u2019s ability to offset gains against current and brought forward tax losses (subject to the relevant restrictions on the
use of brought\u2013forward losses). In such cases, a deferred tax liability is recognised in respect of estimated tax amount payable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20419": { "value": "
2023
2022
\u00a3000
\u00a3000
Current tax
UK corporation tax on profits for the year
\u2013
\u2013
Foreign tax
\u2013
\u2013
\u2013
\u2013
Deferred tax
(1.9)
1.0
Total tax
(1.9)
1.0
The Group primarily seeks to generate capital gains from its holdings in spin-out companies over the longer term. The majority of these
capital gains qualify for UK Substantial Shareholding Exemption (\u201cSSE\u201d) and are therefore not taxable, resulting in the Group making
annual net operating losses from its operations from a UK tax perspective.
Gains arising on sales of holdings which do not qualify for SSE will ordinarily give rise to taxable profits for the Group, to the extent that
these exceed the Group\u2019s ability to offset gains against current and brought forward tax losses (subject to the relevant restrictions on the
use of brought\u2013forward losses). In such cases, a deferred tax liability is recognised in respect of estimated tax amount payable.
\n
The amount for the year can be reconciled to the profit per the statement of comprehensive income as follows:
2023
2022
\u00a3000
\u00a3000
Loss before tax
(176.3)
(343.5)
Tax at the UK corporation tax rate of 23.52% (2022: 19%)
(41.5)
(65.3)
Expenses not deductible for tax purposes
(1.1)
2.3
Income not taxable
2.5
1.5
Prior year adjustment on deferred tax
\u2013
0.4
Fair value movement on investments qualifying for SSE
40.9
58.4
Movement on share\u2013based payments
0.6
0.4
Movement in tax losses arising not recognised
0.1
2.9
CIR reactivation
(3.1)
\u2013
Foreign tax
0.1
\u2013
Rate change on deferred tax
(0.4)
0.4
Total tax charge/(credit)
(1.9)
1.0
\n
At 31 December 2023, deductible temporary differences and unused tax losses, for which no deferred tax asset has been recognised,
\n
totalled \u00a3298.3m (2022: \u00a3278.7m). An analysis is shown below:
2023
2022
Deferred
Deferred
Amount
tax
Amount
tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accelerated capital allowances
\u2013
\u2013
(0.5)
(0.1)
Share\u2013based payment costs and other temporary differences
(48.1)
(12.0)
(15.5)
(3.9)
Unused tax losses
(250.2)
(62.6)
(262.7)
(65.7)
Total
(298.3)
(74.6)
(278.7)
(69.7)
At 31 December 2023, deductible temporary differences and unused tax losses, for which a deferred tax liability has been recognised,
totalled \u00a318.9m (2022: \u00a327.3m). An analysis is shown below:
2023
2022
Deferred
Deferred
Amount
tax
Amount
tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Temporary timing differences
54.1
13.5
79.7
19.9
Unused tax losses
(35.2)
(8.7)
(52.4)
(13.1)
Total
18.9
4.8
27.3
6.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20788": { "value": "11. Earnings per share
Earnings
2023
2022
\u00a3m
\u00a3m
Earnings for the purposes of basic and dilutive earnings per share
(171.3)
(341.5)
2023
2022
Number of
Number of
Number of shares
shares
shares
Weighted average number of ordinary shares for the purposes of basic
earnings per share
1,036,400,406
1,034,483,278
Effect of dilutive potential ordinary shares:
Options or contingently issuable shares
\u2013
\u2013
Weighted average number of ordinary shares for the purposes of diluted
earnings per share
1,036,400,406
1,034,483,278
2023
2022
pence
pence
Basic
(16.53)
(33.01)
Diluted
(16.53)
(33.01)
No adjustment has been made to the basic loss per share in the years ended 31 December 2023 and 31 December 2022, as the exercise
of share options would have the effect of reducing the loss per ordinary share, and therefore is not dilutive.
Potentially dilutive ordinary shares include contingently issuable shares arising under the Group\u2019s LTIP arrangements, and options issued
as part of the Group\u2019s Sharesave schemes and Deferred Bonus Share Plan (for annual bonuses deferred under the terms of the Group\u2019s
Annual Incentive Scheme).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20914": { "value": "12. Categorisation of financial instruments
Accounting policy:
Financial assets and liabilities
Financial assets and liabilities are recognised in the balance
sheet when the relevant Group entity becomes a party to the
contractual provisions of the instrument. De\u2013recognition occurs
when rights to cash flows from a financial asset expire, or when a
liability is extinguished.
Derivative financial instruments are accounted for at fair value
through profit and loss in accordance with IFRS 9. They are
revalued at the balance sheet date based on market prices,
with any change in fair value being recorded in profit and loss.
Derivatives are recognised in the Consolidated statement of
financial position as a financial asset when their fair value
is positive and as a financial liability whey their fair value is
negative. The Group\u2019s derivative financial instruments are not
designated as hedging instruments.
Financial assets
In respect of regular way purchases or sales, the Group uses trade
date accounting to recognise or derecognise financial assets.
The Group classifies its financial assets into one of the categories
listed below, depending on the purpose for which the asset was
acquired.
At fair value through profit or loss
Held for trading and financial assets are recognised at fair
value through profit and loss. This category includes equity
investments, debt investments and investments in limited
partnerships. Investments in associated undertakings, which
are held by the Group with a view to the ultimate realisation of
capital gains, are also categorised as at fair value through profit
or loss. This measurement basis is consistent with the fact that
the Group\u2019s performance in respect of investments in equity
investments, limited partnerships and associated undertakings
is evaluated on a fair value basis in accordance with an
established investment strategy.
Financial assets at fair value through profit or loss are initially
recognised at fair value and any gains or losses arising from
subsequent changes in fair value are presented in profit or loss
in the statement of comprehensive income in the period which
they arise.
At amortised cost
These assets are non\u2013derivative financial assets with fixed
and determinable payments that are not quoted in an active
market. They arise principally through the provision of services
to customers (trade receivables) and are carried at cost less
provision for impairment.
Deposits
Deposits comprise longer\u2013term deposits held with financial
institutions with an original maturity of greater than three
months and, in line with IAS 7 are not included within cash and
cash equivalents. Cash flows related to investments in, and
maturities of amounts held on deposit are presented within
investing activities in the consolidated statement of cash flows.
Interest income related to deposits is included within cashflows
from operating activities.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-
term deposits held with financial institutions with an original
maturity of three months or less. Interest income related to
cash is included within cashflows from operating activities.
Financial liabilities
Current financial liabilities are composed of trade payables
and other short\u2013term monetary liabilities, which are recognised
at amortised cost.
Non\u2013current liabilities are composed of loans from Limited
Partners of consolidated funds, outstanding amounts drawn
down from a debt facility provided by the European Investment
Bank, loan notes provided by Phoenix Group, carried interest
plans liabilities, and revenue share liabilities arising as a result
of the Group\u2019s former Technology Pipeline Agreement with
University College London.
Unless otherwise indicated, the carrying amounts of the
Group\u2019s financial liabilities are a reasonable approximation to
their fair value. Non\u2013current liabilities are recognised initially at
fair value net of transaction costs incurred, and subsequently
at amortised cost.
At fair
value
through
Amortised
profit or loss
cost
Total
Financial assets
\u00a3m
\u00a3m
\u00a3m
Equity investments
1,011.5
\u2013
1,011.5
Debt investments
83.7
\u2013
83.7
Limited and limited liability partnership interests
69.7
\u2013
69.7
Trade and other receivables
\u2013
8.2
8.2
Receivables on sale of debt and equity investments
9.2
\u2013
9.2
Deposits
\u2013
126.0
126.0
Cash and cash equivalents
\u2013
100.9
100.9
At 31 December 2023
1,174.1
235.1
1,409.2
Equity investments
1,120.8
\u2013
1,120.8
Debt investments
38.1
\u2013
38.1
Limited and limited liability partnership interests
99.6
\u2013
99.6
Trade and other receivables
\u2013
8.8
8.8
Receivables on sale of debt and equity investments
48.2
\u2013
48.2
Deposits
\u2013
152.8
152.8
Cash and cash equivalents
\u2013
88.7
88.7
At 31 December 2022
1,306.7
250.3
1,557.0
\n
In light of the credit ratings applicable to the Group\u2019s cash and cash equivalent and deposits, (see note 3 for further details), we estimate
\n
expected credit losses on the Group\u2019s receivables to be under \u00a30.1m and therefore not disclosed further (2022: less than \u00a30.1m), similarly
\n
we have not presented an analysis of credit ratings of trade and other receivable and receivables on sale of debt and equity investments.
\n
All net fair value gains in the year are attributable to financial assets designated at fair value through profit or loss on initial recognition
\n
(2022: all net fair value gains in the year are attributable to financial assets designated at fair value through profit or loss on initial recognition).
\nInterest income of \u00a3nil (2022: \u00a3nil) is attributable to financial assets classified as fair value through profit and loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20917": { "value": "Accounting policy:
Financial assets and liabilities
Financial assets and liabilities are recognised in the balance
sheet when the relevant Group entity becomes a party to the
contractual provisions of the instrument. De\u2013recognition occurs
when rights to cash flows from a financial asset expire, or when a
liability is extinguished.
Derivative financial instruments are accounted for at fair value
through profit and loss in accordance with IFRS 9. They are
revalued at the balance sheet date based on market prices,
with any change in fair value being recorded in profit and loss.
Derivatives are recognised in the Consolidated statement of
financial position as a financial asset when their fair value
is positive and as a financial liability whey their fair value is
negative. The Group\u2019s derivative financial instruments are not
designated as hedging instruments.
Financial assets
In respect of regular way purchases or sales, the Group uses trade
date accounting to recognise or derecognise financial assets.
The Group classifies its financial assets into one of the categories
listed below, depending on the purpose for which the asset was
acquired.
At fair value through profit or loss
Held for trading and financial assets are recognised at fair
value through profit and loss. This category includes equity
investments, debt investments and investments in limited
partnerships. Investments in associated undertakings, which
are held by the Group with a view to the ultimate realisation of
capital gains, are also categorised as at fair value through profit
or loss. This measurement basis is consistent with the fact that
the Group\u2019s performance in respect of investments in equity
investments, limited partnerships and associated undertakings
is evaluated on a fair value basis in accordance with an
established investment strategy.
Financial assets at fair value through profit or loss are initially
recognised at fair value and any gains or losses arising from
subsequent changes in fair value are presented in profit or loss
in the statement of comprehensive income in the period which
they arise.
At amortised cost
These assets are non\u2013derivative financial assets with fixed
and determinable payments that are not quoted in an active
market. They arise principally through the provision of services
to customers (trade receivables) and are carried at cost less
provision for impairment.
Deposits
Deposits comprise longer\u2013term deposits held with financial
institutions with an original maturity of greater than three
months and, in line with IAS 7 are not included within cash and
cash equivalents. Cash flows related to investments in, and
maturities of amounts held on deposit are presented within
investing activities in the consolidated statement of cash flows.
Interest income related to deposits is included within cashflows
from operating activities.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-
term deposits held with financial institutions with an original
maturity of three months or less. Interest income related to
cash is included within cashflows from operating activities.
Financial liabilities
Current financial liabilities are composed of trade payables
and other short\u2013term monetary liabilities, which are recognised
at amortised cost.
Non\u2013current liabilities are composed of loans from Limited
Partners of consolidated funds, outstanding amounts drawn
down from a debt facility provided by the European Investment
Bank, loan notes provided by Phoenix Group, carried interest
plans liabilities, and revenue share liabilities arising as a result
of the Group\u2019s former Technology Pipeline Agreement with
University College London.
Unless otherwise indicated, the carrying amounts of the
Group\u2019s financial liabilities are a reasonable approximation to
their fair value. Non\u2013current liabilities are recognised initially at
fair value net of transaction costs incurred, and subsequently
at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20937": { "value": "Financial assets
In respect of regular way purchases or sales, the Group uses trade
date accounting to recognise or derecognise financial assets.
The Group classifies its financial assets into one of the categories
listed below, depending on the purpose for which the asset was
acquired.
At fair value through profit or loss
Held for trading and financial assets are recognised at fair
value through profit and loss. This category includes equity
investments, debt investments and investments in limited
partnerships. Investments in associated undertakings, which
are held by the Group with a view to the ultimate realisation of
capital gains, are also categorised as at fair value through profit
or loss. This measurement basis is consistent with the fact that
the Group\u2019s performance in respect of investments in equity
investments, limited partnerships and associated undertakings
is evaluated on a fair value basis in accordance with an
established investment strategy.
Financial assets at fair value through profit or loss are initially
recognised at fair value and any gains or losses arising from
subsequent changes in fair value are presented in profit or loss
in the statement of comprehensive income in the period which
they arise.
At amortised cost
These assets are non\u2013derivative financial assets with fixed
and determinable payments that are not quoted in an active
market. They arise principally through the provision of services
to customers (trade receivables) and are carried at cost less
provision for impairment.
Deposits
Deposits comprise longer\u2013term deposits held with financial
institutions with an original maturity of greater than three
months and, in line with IAS 7 are not included within cash and
cash equivalents. Cash flows related to investments in, and
maturities of amounts held on deposit are presented within
investing activities in the consolidated statement of cash flows.
Interest income related to deposits is included within cashflows
from operating activities.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-
term deposits held with financial institutions with an original
maturity of three months or less. Interest income related to
cash is included within cashflows from operating activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20945": { "value": "At fair value through profit or loss
Held for trading and financial assets are recognised at fair
value through profit and loss. This category includes equity
investments, debt investments and investments in limited
partnerships. Investments in associated undertakings, which
are held by the Group with a view to the ultimate realisation of
capital gains, are also categorised as at fair value through profit
or loss. This measurement basis is consistent with the fact that
the Group\u2019s performance in respect of investments in equity
investments, limited partnerships and associated undertakings
is evaluated on a fair value basis in accordance with an
established investment strategy.
Financial assets at fair value through profit or loss are initially
recognised at fair value and any gains or losses arising from
subsequent changes in fair value are presented in profit or loss
in the statement of comprehensive income in the period which
they arise.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20946": { "value": "At fair value through profit or loss
Held for trading and financial assets are recognised at fair
value through profit and loss. This category includes equity
investments, debt investments and investments in limited
partnerships. Investments in associated undertakings, which
are held by the Group with a view to the ultimate realisation of
capital gains, are also categorised as at fair value through profit
or loss. This measurement basis is consistent with the fact that
the Group\u2019s performance in respect of investments in equity
investments, limited partnerships and associated undertakings
is evaluated on a fair value basis in accordance with an
established investment strategy.
Financial assets at fair value through profit or loss are initially
recognised at fair value and any gains or losses arising from
subsequent changes in fair value are presented in profit or loss
in the statement of comprehensive income in the period which
they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20968": { "value": "At amortised cost
These assets are non\u2013derivative financial assets with fixed
and determinable payments that are not quoted in an active
market. They arise principally through the provision of services
to customers (trade receivables) and are carried at cost less
provision for impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20986": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash in hand and short-
term deposits held with financial institutions with an original
maturity of three months or less. Interest income related to
cash is included within cashflows from operating activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20995": { "value": "Financial liabilities
Current financial liabilities are composed of trade payables
and other short\u2013term monetary liabilities, which are recognised
at amortised cost.
Non\u2013current liabilities are composed of loans from Limited
Partners of consolidated funds, outstanding amounts drawn
down from a debt facility provided by the European Investment
Bank, loan notes provided by Phoenix Group, carried interest
plans liabilities, and revenue share liabilities arising as a result
of the Group\u2019s former Technology Pipeline Agreement with
University College London.
Unless otherwise indicated, the carrying amounts of the
Group\u2019s financial liabilities are a reasonable approximation to
their fair value. Non\u2013current liabilities are recognised initially at
fair value net of transaction costs incurred, and subsequently
at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21246": { "value": "13. Portfolio: Equity and debt investments
Accounting policy:
Fair value hierarchy
The Group classifies financial assets using a fair value hierarchy that reflects the significance of the inputs used in making the related fair value
measurements. The level in the fair value hierarchy, within which a financial asset is classified, is determined on the basis of the lowest level input that is
significant to that asset\u2019s fair value measurement. The fair value hierarchy has the following levels:
Level 1 \u2013 Quoted prices in active markets.
Level 2 \u2013 Inputs other than quoted prices that are observable, such as prices from market transactions.
Level 3 \u2013 One or more inputs that are not based on observable market data.
Equity investments
Fair value is the underlying principle and is defined as \u201cthe price that would be received to sell an asset in an orderly transaction between market
participants at the measurement date\u201d (IPEV guidelines, December 2022).
Where the equity structure of a portfolio company involves different class rights in a sale or liquidity event, the Group takes these different rights into
account when forming a view on the value of its investment.
Valuation techniques used
The fair value of unlisted securities is established using appropriate valuation techniques in line with December 2022 IPEV guidelines. The selection
of appropriate valuation techniques is considered on an individual basis in light of the nature, facts and circumstances of the investment and in the
expected view of market participants. The Group selects valuation techniques which make maximum use of market\u2013based inputs. Techniques are
applied consistently from period to period, except where a change would result in better estimates of fair value. Several valuation techniques may be
used so that the results of one technique may be used as a cross check/corroboration of an alternative technique.
Valuation techniques used include:
\u2022
Quoted bid price: The fair values of quoted investments are based on bid prices in an active market at the reporting date.
\u2022
Funding transaction: The fair value of unquoted investments which have recently raised equity financing may be calculated with reference to the price
of the recent investment. For investments for which the capital structure involves different class rights in a sale or liquidity event, a full scenario analysis
via the use of the probability\u2013weighted expected return method (PWERM) is used to calculate the implied values of the existing share classes.
\u2022
Other: Future market/commercial events: Scenario analysis is used, which is a forward\u2013looking method that considers one or more possible future
scenarios. These methods include simplified scenario analysis and relative value scenario analysis, which tie to the fully diluted (\u201cpost\u2013money\u201d) equity
value. The PWERM method may be utilised for this valuation technique for investments which have an equity structure which involves different class
rights in a sale or liquidity event.
\u2022
Other: Adjusted funding transaction price based on past performance \u2013 upwards/downwards: The milestone approach involves making an
assessment as to whether there is an indication of change in fair value based on a consideration of the relevant milestones, typically agreed at the
time of making the investment decision.
\u2022
Other: Discounted cash flows: deriving the value of a business by calculating the present value of expected future cash flows.
\u2022
Other: Revenue multiple: the application of an appropriate multiple to a performance measure (such as earnings or revenue) of the investee company
in order to derive a value for the business.
The fair value indicated by a recent transaction is used to calibrate inputs used with valuation techniques including those noted on page 174. At each
\n
measurement date, an assessment is made as to whether changes or events subsequent to the relevant transaction would imply a change in the
\n
investment\u2019s fair value. The Price of a Recent Investment is not considered a standalone valuation technique (see further considerations below). Where the
\n
current fair value of an investment is unchanged from the price of a funding transaction, the Group refers to the valuation basis as \u2018Funding transaction\u2019.
\n
Price of recent investment as an input in assessing fair value
\n
The Group considers that fair value estimates which are based primarily on observable market data will be of greater reliability than those based on
\n
assumptions. Given the nature of the Group\u2019s investments in seed, start\u2013up and early\u2013stage companies, where there are often no current and no short\u2013
\n
term future earnings or positive cash flows, it can be difficult to gauge the probability and financial impact of the success or failure of development or
\n
research activities and to make reliable cash flow forecasts. Consequently, in many cases the most appropriate approach to fair value is a valuation
\n
technique which is based on market data such as the price of a recent investment, and market participant assumptions as to potential outcomes.
\n
Calibrating such scenarios or milestones may result in a fair value equal to price of recent investment for a limited period of time. Often qualitative
\n
milestones provide a directional indication of the movement of fair value.
\n
In applying a calibrated scenario or milestone-approach to determine fair value, consideration is given to performance against milestones that were
\n
set at the time of the original investment decision, as well as taking into consideration the key market drivers of the investee company and the overall
\n
economic environment. Factors that the Group considers include, inter alia, technical measures such as product development phases and patent
\n
approvals, financial measures such as cash burn rate and profitability expectations, and market and sales measures such as testing phases, product
\n
launches and market introduction.
\n
Where the Group considers that there is an indication that the fair value has changed, an estimation is made of the required amount of any adjustment
\n
from the last price of recent investment.
\n
Where a deterioration in value has occurred, the Group reduces the carrying value of the investment to reflect the estimated decrease. If there is
\n
evidence of value creation the Group may consider increasing the carrying value of the investment; however, in the absence of additional financing
\n
rounds or profit generation it can be difficult to determine the value that a market participant may place on positive developments given the potential
\n
outcome and the costs and risks to achieving that outcome and accordingly caution is applied.
\n
Debt investments
\n
Debt investments are generally unquoted debt instruments which are convertible to equity at a future point in time. Such instruments are considered
\n
to be hybrid instruments containing a fixed rate debt host contract with an embedded equity derivative. The Group designates the entire hybrid
\n
contract at fair value through profit or loss on initial recognition and, accordingly, the embedded derivative is not separated from the host contract and
\n
accounted for separately. The price at which the debt investment was made may be a reliable indicator of fair value at that date depending on facts and
\n
circumstances. Any subsequent remeasurement will be recognised as changes in fair value in the statement of comprehensive income.
\n
Disclosure of unrealised and realised gains and losses
\n
\u2018Change in fair value of equity and debt investments\u2019 per the Group Income Statement represents unrealised revaluation gains and losses on the Group\u2019s
\n
portfolio of investment.
\n
Gains on disposal of equity investments represents the difference between the fair value of consideration received and the carrying value at the start of
\n
the accounting period for the investment in question.
\n
Changes in fair values of investments do not constitute revenue.
\n\n
\n
Equity and Debt Investments within the Top 20 by holding value
\n
The following table lists information on the debt and equity investments within the most valuable 20 portfolio company investments,
\n
which constitute 18 of the top 20 portfolio investments (the other two being holdings in Limited Partnerships), representing 70% of the
\n
total portfolio value (2022: 71%). Detail on the performance of these companies is included in the Life Sciences, Deeptech and Cleantech
\n
portfolio reviews.
\n
The Group engages third-party valuation specialists to provide valuation support where required; during the period we commissioned
\n
third-party valuations on nine out of the top 20 holdings (2022: nine).
Fair value
Fair value
of Group
of Group
holding at
holding at
31 Dec 2023
31 Dec 2022
Company name
Primary valuation basis
\u00a3m
\u00a3m
Oxford Nanopore Technologies plc
Quoted bid price
173.6
205.5
Istesso Limited *
DCF
113.8
95.6
Featurespace Limited *
Revenue multiple
73.0
64.1
Hysata Pty Ltd
Funding transaction < 12 months, PWERM
70.0
18.7
Oxa Autonomy Limited *
Funding transaction > 12 months, PWERM
65.7
65.9
First Light Fusion Limited *
Other: Adjusted financing price based on past performance \u2013 Upwards
64.9
114.5
Hinge Health, Inc. *
Other: Adjusted financing price based on past performance \u2013 Downwards
34.0
53.6
Garrison Technology Limited
Funding transaction < 12 months
31.6
27.7
Ultraleap Holdings Limited *
Other: Adjusted financing price based on past performance \u2013 Downwards
31.0
37.9
Bramble Energy Limited
Funding transaction > 12 months, PWERM
20.9
20.9
Crescendo Biologics Limited
Funding transaction > 12 months, PWERM
19.6
18.7
Pulmocide Limited
Other: Adjusted financing price based on past performance \u2013 Upwards
19.2
14.7
Ieso Digital Health Limited *
Other: Adjusted financing price based on past performance \u2013 Downwards
18.9
21.8
Oxford Science Enterprises plc
Other: Adjusted financing price based on past performance \u2013 Downwards
18.3
20.6
Artios Pharma Limited *
Other: Adjusted financing price based on past performance \u2013 Downwards
17.4
18.3
Microbiotica Limited
Funding transaction > 12 months, PWERM
16.1
16.1
Mission Therapeutics Limited *
Other: Adjusted financing price based on past performance \u2013 Downwards
15.8
18.1
Centessa Pharmaceuticals plc
Quoted bid price
15.7
6.5
Total
819.5
839.2
\n
* Third-party valuation specialists used for 31 December 2023 valuation. In these instances, the valuation basis is management\u2019s assessment of the primary valuation input used
\n
by the third-party valuation specialist.
Level 1
Level 3
Equity
Unquoted
Debt
investments
equity
investments
in quoted
investments
in unquoted
spin\u2013out
in spin\u2013out
spin\u2013out
companies
companies
companies
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
228.7
892.1
38.1
1,158.9
Investments
\u2013
32.8
30.6
63.4
Transaction\u2013based reclassifications
\u2013
7.8
(7.8)
\u2013
Other transfers between hierarchy levels
1.8
(1.8)
\u2013
\u2013
Disposals
(1.6)
(7.6)
(0.3)
(9.5)
Fees settled via equity
\u2013
0.1
\u2013
0.1
Change in revenue share
1
\u2013
(6.8)
\u2013
(6.8)
Change in fair value
2
(24.5)
(103.7)
23.5
(104.7)
Change in FX
2
(0.6)
(5.2)
(0.4)
(6.2)
At 31 December 2023
203.8
807.7
83.7
1,095.2
At 1 January 2022
662.7
729.1
22.8
1,414.6
Investments
7.3
61.4
20.2
88.9
Transaction\u2013based reclassifications
\u2013
8.4
(8.4)
\u2013
Other transfers between hierarchy levels
\u2013
\u2013
\u2013
\u2013
Disposals
(27.5)
(14.2)
\u2013
(41.7)
Fees settled via equity
\u2013
0.5
\u2013
0.5
Change in revenue share
1
\u2013
\u2013
\u2013
\u2013
Change in fair value
2
(416.0)
93.6
3.1
(319.3)
Change in FX
2
2.2
13.3
0.4
15.9
At 31 December 2022
228.7
892.1
38.1
1,158.9
\n
1
\n
For description of revenue share arrangement see description in note 19.
\n
2
\n
The total unrealised change in fair value and FX in respect of Level 3 investments was a loss of \u00a385.8m (2022: gain of \u00a3110.4m).
\n
Unquoted equity and debt investment are measured in accordance with IPEV guidelines with reference to the most appropriate
\n
information available at the time of measurement. Where relevant, several valuation approaches are used in arriving at an estimate of
\n
fair value for an individual asset.
\n
For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred
\n
between levels in the hierarchy by re\u2013assessing categorisation (based on the lowest level input that is significant to the fair value
\n
measurement as a whole) at the end of each reporting period. Transfers between levels are then made as if the transfer took place
\n
on the first day of the period in question, except in the cases of transfers between tiers based on an initial public offering (\u201cIPO\u201d) of an
\n
investment wherein the changes in value prior to the IPO are calculated and reported in level 3, and those changes post are attributed to
\n
level 1.
\n
Transfers between level 3 and level 1 occur when a previously unquoted investment undertakes an initial public offering, resulting in its
\n
equity becoming quoted on an active market. In the current period, transfers of this nature amounted to \u00a31.8m (2022: \u00a3nil). Transfers
\n
between level 1 and level 3 would occur when a quoted investment\u2019s market becomes inactive, or the portfolio company elects to delist.
\n
There has been one instance in the current year, totalling \u00a30.0m (2022: no instances).
\n
Transfers between level 3 debt and level 3 equity occur upon conversion of convertible debt into equity. In the current year, transfers of
\n
this nature amounted to \u00a37.8m (2022: \u00a38.4m).
\n
The Group has considered the impact of ESG and climate change issues on its portfolio, including performing a materiality assessment
\n
(see summary TCFD disclosures on page 54) which suggested the Group\u2019s portfolio has a relatively low level of climate change risk,
\n
and clear areas of opportunity via the Group\u2019s Cleantech investments. For an overview of the portfolio split by sector, please refer to the
\n
portfolio analysis by sector on page 21. We believe our current valuation approach, based largely on quoted valuations, and funding
\n
transactions, reflects market participant assessment of the ESG and climate risks and opportunities of our portfolio.
\n
Valuation inputs and sensitivities
\n
Unobservable inputs are typically portfolio company-specific and, based on a materiality assessment, are not considered significant
\n
either at an individual company level or in aggregate where relevant for common factors such as discount rates.
\n
The sensitivity analysis table on page 179 has been prepared in recognition of the fact that some of the valuation methodologies applied
\n
by the Group in valuing the portfolio investments involve subjectivity in their significant unobservable inputs. The table illustrates the
\n
sensitivity of the valuations to these inputs. The inputs of investments valued using techniques which involve significant subjectivity have
\n
been flexed, as below.
number of inputs, any range of reasonably possible alternative assumptions does not significantly impact the fair value and hence no valuation sensitivity is required under IFRS 13 paragraph 93(h)(ii).
Variable
Fair value of
input
Fair value of
Valuation technique
investments
Variable inputs
sensitivity
Positive impact
Negative impact
investments
2023
2022
\u00a3m
%
\u00a3m
% of NAV
\u00a3m
% of NAV
\u00a3m
Quoted
203.8
n/a
n/a
n/a
n/a
n/a
n/a
228.7
Funding transaction
187.9
n/a
+/\u20135
9.4
0.8
(9.4)
(0.8)
289.8
<12 months
Funding transaction
162.7
n/a
+/\u20135
8.1
0.7
(8.1)
(0.7)
117.8
>12 months
Other: Future market/
25.0
\u2022
Estimated impact of future event
+/\u201310
2.5
0.2
(2.5)
(0.2)
40.7
commercial events
\u2022
Execution risk discount applied to future event
(where positive)
\u2022
Scenario probabilities
\u2022
Discount rates
\u2022
Extent to which future event is indicative of facts
and circumstances in existence at the balance
sheet date
Other: Adjusted
99.9
\u2022
Company-specific milestone analysis resulting
+/\u201310
10.0
0.8
(10.0)
(0.8)
149.8
financing price based
in a positive calibration adjustment versus the
on past performance \u2013
previous funding transaction price
Upwards*
Other: Adjusted
203.9
\u2022
Company-specific milestone analysis resulting
+/\u201310
20.4
1.7
(20.4)
(1.7)
156.5
financing price based
in a negative calibration adjustment versus the
on past performance \u2013
previous funding transaction price
Downwards*
Other: Revenue
85.4
\u2022
Estimate of future recurring revenues
+/\u201310
8.5
0.7
(8.5)
(0.7)
77.9
multiple*
\u2022
Selection of comparable companies
\u2022
Discount/premium to multiple
Other: DCF*
126.6
\u2022
Discount rate
+/\u201320
25.3
2.1
(25.3)
(2.1)
97.7
\u2022
Clinical trial and drug approval success rates
\u2022
Estimate of likelihood, value and structure of a
potential pharmaceutical partnership
\u2022
Estimate of addressable market
\u2022
Market share and royalty rates
\u2022
Probability estimation of liquidity event
\u2022
Estimate of forward exchange rates
Total
1,095.2
84.3
7.0
(84.2)
(7.1)
1,158.9
\n
* Due to the large number of inputs used in the valuation of these assets, unobservable inputs are below a size threshold that would warrant disclosure under IFRS 13, paragraph 93(d). Due to the large
\n
Within the \u2018Other: DCF\u2019 category on page 179 is Istesso Limited, in which we value the equity of IP Group\u2019s holding at \u00a386.7m as at
\n
31 December 2023 (2022: \u00a380.8m). The valuation of the equity in this company is based on a DCF model in which the key inputs include
\n
the discount rate, probability of clinical trial success, market share and royalty rates and the selection of relevant comparable deal sizes.
\n
The DCF model assesses the value of the future cash flows which would arise from the successful development of the company\u2019s lead
\n
asset Leramistat, which is in a PhIIb trial, within Rheumatoid Arthritis. Our estimated range for the value of the Group\u2019s equity investment
\n
as at 31 December 2023 is \u00a380m to \u00a3120m (2022: \u00a365m to \u00a3105m). A valuation range was not calculated in respect of the Group\u2019s debt
\n
investment in Istesso Limited, which totals \u00a327.0m (2022: \u00a314.8m)
\n
Within the \u2018Adjusted valuation\u2019 category on page 179 is First Light Fusion Limited, whose equity is valued at \u00a364.9m as at 31 December
\n
2023 (2022: \u00a3114.5m). The valuation of this company is based on the last financing round price, calibrated upwards to reflect (inter alia) its
\n
achievement of fusion subsequent to the fundraise, and an assessment of recent comparable company financing transactions.
\n
Our estimated range for the value of the Group\u2019s equity investment in First Light Fusion based on this model as at 31 December 2023
\n
is \u00a348m to \u00a399m (2022: \u00a393m to \u00a3186m).
\n
In addition to Istesso Limited and First Light Fusion Limited, nine other assets were reviewed by external valuers, using a broad range of
\n
relevant inputs. The aggregate of the range of valuations they concluded upon for these nine assets was \u00a3252.2m-\u00a3317.5m, and we have
\n
selected points within these ranges which in aggregate total \u00a3267.3m (2022: \u00a3234.7m-286.5m; \u00a3246.7m).
2023
2022
Change in fair value in the year (including fx)
\u00a3m
\u00a3m
Fair value gains
97.4
183.3
Fair value losses
(208.3)
(486.7)
Total
(110.9)
(303.4)
\n
The Company\u2019s interests in subsidiary undertakings are listed in note 10 to the Company\u2019s financial statements.
\n
Currency risk
\n
Exposure to currency risk through asset allocation, which is calculated by reference to the currency in which the asset or liability is quoted,
\n
is shown below. A +/-1% sensitivity has been included to demonstrate the effect of fluctuations in foreign exchange rates. 1% is considered
\n
to be appropriate due to the stable currencies in which we hold cash.
At 31 December 2023
Sensitivity
Investments
+/- 1%
\u00a3m
\u00a3m
US dollar
85.5
0.8
Australian dollar
99.9
1.0
Euro
6.7
0.1
Swedish Krona
1.6
\u2013
Total
193.7
1.9
At 31 December 2022
Sensitivity
Investments
+/- 1%
\u00a3m
\u00a3m
US dollar
102.2
1.0
Australian dollar
49.6
0.5
Euro
3.0
\u2013
Swedish Krona
1.5
\u2013
Total
156.3
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22987": { "value": "15. (Loss) on disposal of equity investments
2023
2022
\u00a3m
\u00a3m
Proceeds from sale of equity and debt investments
37.7
28.1
Movement in amounts receivable on sale of debt and equity investments
(39.0)
5.8
Carrying value of investments
(9.5)
(41.7)
(Loss) on disposal
(10.8)
(7.8)
(Loss) on disposal of investments is calculated as disposal proceeds plus deferred and contingent consideration receivable in respect of
the sale, less the carrying value of the investment at the point of disposal.
The subsequent receipt of deferred and contingent consideration amounts is reflected in the above table as a positive amount of
disposal proceeds and a negative movement in amounts receivable on sale of debt and equity investments, resulting in no overall
movement in profit on disposal.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23037": { "value": "16. Trade and other receivables
2023
2022
Current assets
\u00a3m
\u00a3m
Trade debtors
0.6
2.1
Prepayments
0.8
0.8
Right-of-use asset
1
\u2013
0.7
Interest receivable
2.9
\u2013
Other receivables
6.8
5.2
Trade and other receivables
8.2
8.8
1
Now presented under long-term assets on the Group Balance Sheet.
The directors consider the carrying amount of trade and other receivables at amortised cost to approximate their fair value.
All receivables are interest free, repayable on demand and unsecured.
17. Receivable on sale of debt and equity investments
\n
Accounting Policy:
\n
Consideration in respect of the sale of debt and equity investments may include elements of deferred consideration where payment
\n
is received at a pre\u2013agreed future date, and/or elements of contingent consideration where payment is received based on, for
\n
example, achievement of specific drug development milestones. In such instances, these amounts are designated at fair value
\n
through profit and loss on initial recognition. Any subsequent remeasurement will be recognised as changes in fair value in the
\n
statement of comprehensive income.
2023
2022
\u00a3m
\u00a3m
Deferred and contingent consideration (non-current)
7.8
6.9
Deferred and contingent consideration (current)
1.4
41.3
Total deferred and contingent consideration
9.2
48.2
\n
The following table summarises the primary valuation basis used to value the deferred and contingent consideration:
2023
2022
Investment
Primary Valuation Basis
\u00a3m
\u00a3m
WaveOptics Limited
Discounted sale amount
\u2013
28.8
Probability-weighted DFC model reflecting potential
Enterprise Therapeutics Holdings Limited
milestone payments
7.7
12.5
Probability-weighted DFC model reflecting potential
Athenex, Inc.
milestone payments
\u2013
5.6
Reinfer Limited
Discounted sale amount
\u2013
1.1
Perpetuum Limited
Discounted sale amount
\u2013
0.2
Probability-weighted DFC model reflecting potential
Zihipp Limited
milestone payments
1.5
\u2013
Total
9.2
48.2
\n
During 2023, consideration of \u00a330.8m was received in 2023 relating to WaveOptics Limited, \u00a31.5m was received relating to Reinfer
\n
and \u00a30.1m was received relating to Perpetuum. Athenex, Inc. entered liquidation in 2023 and the fair value estimate of contingent
\nconsideration (triggered by future milestones) was reduced to \u00a3nil (2022: \u00a35.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23285": { "value": "18. Trade and other payables
2023
2022
Current liabilities
\u00a3m
\u00a3m
Trade payables
0.5
1.3
Social security expenses
0.6
0.6
Bonus accrual
3.0
2.8
Lease liability
1.4
0.9
Payable to Imperial College and other third parties under revenue share obligations (see note 20)
6.9
7.1
Other accruals and deferred income
4.7
4.2
Trade and other payables
17.1
16.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23351": { "value": "19. Borrowings and Loans from Limited Partners of consolidated funds
2023
2022
Current liabilities
\u00a3m
\u00a3m
Borrowings
6.3
6.3
Total
6.3
6.3
2023
2022
Non\u2013current liabilities
\u00a3m
\u00a3m
Loans drawn down from the Limited Partners of consolidated funds
19.8
19.5
Borrowings
128.9
75.1
Total
148.7
94.6
Loans drawn down from the Limited Partners of consolidated funds
Accounting Policy:
The Group consolidates the assets of a co\u2013investment fund, IP Venture Fund II LP, which it manages. Loans from third parties of
consolidated funds represent third\u2013party LP loans into this partnership. Under the terms of the Limited Partnership Agreement, these
loans are repayable only upon these funds generating sufficient realisations to repay the Limited Partners. Management anticipates
that the funds will generate the required returns and consequently recognises the full associated liabilities.
The classification of these loans as non\u2013current reflects the forecast timing of returns and subsequent repayment of loans, which is not
anticipated to occur within one year.
As at 31 December, loans from Limited Partners of consolidated funds comprised loans into IP Venture Fund II LP \u00a319.8m (2022: \u00a319.5m).
Borrowings
Accounting Policy:
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised
cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated
statement of comprehensive income over the period of the borrowing using the effective interest rate method. Costs incurred in the
course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a straight line basis
over the term of the borrowings.
In 2023, the Group drew a second \u00a360m tranche of the \u00a3120m private placing it agreed with investors including Phoenix Group in 2022.
The terms of the facilities are summarised below:
Repayment
Initial
Outstanding
Repayment
commencement
Description
amount
amount
Date drawn
Interest rate
terms
date
EIB Facility
\u00a350.0m
\u00a315.6m
Feb 2017
Fixed 3.026%
8 years
Jul 2018
IP Group Series A Notes
\u00a320.0m
\u00a320.0m
Dec 2022
Fixed 5.230%
5 years
Dec 2027
IP Group Series B Notes
\u00a320.0m
\u00a320.0m
Dec 2022
Fixed 5.210%
6 years
Dec 2028
IP Group Series C Notes
\u00a320.0m
\u00a320.0m
Dec 2022
Fixed 5.300%
7 years
Dec 2029
IP Group Series D Notes
\u00a320.0m
\u00a320.0m
Jun 2023
Fixed 5.230%
5 years
Dec 2027
IP Group Series E Notes
\u00a320.0m
\u00a320.0m
Jun 2023
Fixed 5.210%
6 years
Dec 2028
IP Group Series F Notes
\u00a320.0m
\u00a320.0m
Jun 2023
Fixed 5.30%
7 years
Dec 2029
Total
\u00a3170.0m
\u00a3135.6m
Loans totalling \u00a3135.6m (2022: \u00a381.9m) are subject to fixed interest rates and are recognised at amortised cost. The fair value of these
loans as at 31 December 2023 is \u00a3125.3m (2022: \u00a376.9m).
In December 2022, the Group drew down the first Tranche of \u00a360m of a \u00a3120m loan Note Purchase Agreement (\u201cNPA\u201d) and a further \u00a360m
in June 2023. The NPA contains the following covenants:
\u2022
Total equity must be at least \u00a3500m as at the Group\u2019s 30 June and 31 December reporting dates
\u2022
Gross debt less restricted cash must not exceed 25% of total equity as at the Group\u2019s 30 June and 31 December reporting dates
\u2022
The Group must maintain cash and cash equivalents of not less than \u00a325m at any time
Breach of any of the above covenants constitutes default under the NPA.
\n
The NPA also includes the concept of a \u2018Cash Trap\u2019, which is triggered based on conditions listed below. In the event of the Cash Trap
\n
being triggered, the Group is not permitted to pay or declare a dividend or purchase any of its shares. In addition, investments are
\n
restricted to \u00a32.5m per calendar quarter other than those legally committed to. The Group is also required to place the net proceeds of
\n
all realisations (over a threshold of \u00a31m) into a blocked bank account. Entering a Cash Trap does not constitute a default under the NPA.
\n
A Cash Trap period is entered if any of the following conditions are breached.
\n
\u2022
Total equity must be at least \u00a3750m as at the Group\u2019s 30 June and 31 December reporting dates
\n
\u2022
Gross debt less restricted cash must not exceed 20% of total equity as at the Group\u2019s 30 June and 31 December reporting dates
\n
\u2022
The Group must maintain cash and cash equivalents of not less than \u00a350m at any time.
\n
A cash trap period can be remedied by:
\n
\u2022
Transferring sufficient cash into the restricted cash account so that gross debt less restricted cash is less than 20% of total equity
\n
\u2022
If because of low equity of high leverage, once these are restored at a subsequent 30 June or 31 December measurement date
\n
\u2022
If because of low liquidity, once two month-ends have passed with liquidity > \u00a350m
\n
The EIB loan contains a debt covenant requiring that the ratio of the total fair value of IP Group investments plus cash and qualifying
\n
liquidity to debt should at no time fall below 6:1. The Group must maintain that the amount of unencumbered funds freely available to the
\n
Group set with reference to the outstanding EIB facility which was \u00a315.6m at December 2023 (2022: \u00a321.9m). The loan also stipulates that
\n
on any date, the aggregate of all amounts scheduled for payment to the EIB in the following six months should be kept in a separate bank
\n
account, which totalled \u00a33.3m on 31 December 2023 (2022: \u00a33.4m) The Group is required to maintain a minimum cash balance of \u00a39.4m
\n
(2022: \u00a313.1m).
\n
The Group closely monitors that the covenants are adhered to on an ongoing basis and has complied with these covenants throughout
\n
the year. The Group will continue to monitor the covenants\u2019 position against forecasts and budgets to ensure that it operates within the
\n
prescribed limits.
\n
The 2023 NPA includes fixed and floating charges over the Company\u2019s assets, details of which are available on Companies House.
The maturity profile of the borrowings including undiscounted cash flows and fixed interest is as follows:
\n \n
2023
2022
\u00a3m
\u00a3m
Due within 6 months
6.4
4.8
Due 6 to 12 months
6.4
4.8
Due 1 to 5 years
112.4
48.4
Due after 5 years
42.1
43.1
Total
1
167.3
101.1
The maturity profile of the borrowings was as follows:
\n \n
2023
2022
\u00a3m
\u00a3m
Due within 6 months
3.1
3.1
Due 6 to 12 months
3.1
3.2
Due 1 to 5 years
89.4
35.6
Due after 5 years
40.0
40.0
Total
1
135.6
81.9
1
These are gross amounts repayable and exclude amortised costs of \u00a30.4m (2022: \u00a30.5) incurred on obtaining the Phoenix loans, these are amortised on a straight-line basis
over the life of the borrowings.
A reconciliation in the movement in borrowings is as follows:
2023
2022
\u00a3m
\u00a3m
At 1 January
81.4
51.8
Amortisation of costs
\u2013
\u2013
Capitalised loan costs
\u2013
(0.6)
Repayment of debt
(6.2)
(29.8)
New borrowings
60.0
60.0
At 31 December
135.2
81.4
There were no non\u2013cash movements in debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23456": { "value": "Accounting Policy:
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised
cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated
statement of comprehensive income over the period of the borrowing using the effective interest rate method. Costs incurred in the
course of issuing additional debt are recognised on the balance sheet and charged to the income statement on a straight line basis
over the term of the borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24006": { "value": "21. Share capital
Accounting Policy:
Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after
deducting all liabilities. The objective of the Group is to manage capital so as to provide shareholders with above-average returns
through capital growth over the medium-to-long term. The Group considers its capital to comprise its share capital, share premium,
merger reserve and retained earnings.
2023
2022
Issued and fully paid:
Number
\u00a3m
Number
\u00a3m
Ordinary shares of 2p each
At 1 January
1,063,188,005
21.3
1,063,033,287
21.3
Issued in respect of scrip dividend
\u2013
\u2013
154,718
\u2013
Share capital at 31 December
1,063,188,005
21.3
1,063,188,005
21.3
Existing treasury shares at 1 January
(28,110,373)
(0.6)
(22,279,127)
(0.4)
Purchase of treasury shares
(220,302)
\u2013
(7,429,494)
(0.1)
Transfer of shares in respect of scrip dividend
\u2013
\u2013
330,851
\u2013
Shares transferred out of treasury for SAYE
285,335
\u2013
497,249
\u2013
Settlement of employee share-based payments
1,551,820
\u2013
770,148
\u2013
Outstanding at 31 December
1,036,694,485
20.7
1,035,077,632
20.8
The Company has one class of ordinary shares with a par value of 2p (\u201cOrdinary Shares\u201d) which carry equal voting rights, equal rights
to income and distributions of assets on liquidation, or otherwise, and no right to fixed income.
During 2023, the Company purchased 220,302 ordinary shares (2022: 7,429,494 ordinary shares), with an aggregate value of \u00a30.2k
(2022: \u00a38.0m), and they are held in treasury. Retained profits have been reduced by \u00a30.2k (2022: \u00a37.9m), being the net consideration
paid for these shares, including the expenses directly relating to the treasury share purchase.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24007": { "value": "21. Share capital
Accounting Policy:
Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after
deducting all liabilities. The objective of the Group is to manage capital so as to provide shareholders with above-average returns
through capital growth over the medium-to-long term. The Group considers its capital to comprise its share capital, share premium,
merger reserve and retained earnings.
2023
2022
Issued and fully paid:
Number
\u00a3m
Number
\u00a3m
Ordinary shares of 2p each
At 1 January
1,063,188,005
21.3
1,063,033,287
21.3
Issued in respect of scrip dividend
\u2013
\u2013
154,718
\u2013
Share capital at 31 December
1,063,188,005
21.3
1,063,188,005
21.3
Existing treasury shares at 1 January
(28,110,373)
(0.6)
(22,279,127)
(0.4)
Purchase of treasury shares
(220,302)
\u2013
(7,429,494)
(0.1)
Transfer of shares in respect of scrip dividend
\u2013
\u2013
330,851
\u2013
Shares transferred out of treasury for SAYE
285,335
\u2013
497,249
\u2013
Settlement of employee share-based payments
1,551,820
\u2013
770,148
\u2013
Outstanding at 31 December
1,036,694,485
20.7
1,035,077,632
20.8
The Company has one class of ordinary shares with a par value of 2p (\u201cOrdinary Shares\u201d) which carry equal voting rights, equal rights
to income and distributions of assets on liquidation, or otherwise, and no right to fixed income.
During 2023, the Company purchased 220,302 ordinary shares (2022: 7,429,494 ordinary shares), with an aggregate value of \u00a30.2k
(2022: \u00a38.0m), and they are held in treasury. Retained profits have been reduced by \u00a30.2k (2022: \u00a37.9m), being the net consideration
paid for these shares, including the expenses directly relating to the treasury share purchase.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24011": { "value": "Accounting Policy:
Financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the Group\u2019s assets after
deducting all liabilities. The objective of the Group is to manage capital so as to provide shareholders with above-average returns
through capital growth over the medium-to-long term. The Group considers its capital to comprise its share capital, share premium,
merger reserve and retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24170": { "value": "22. Share\u2013based payments
In 2023, the Group continued to incentivise employees through its LTIP and AIS. The main terms of both are described in more detail in the
Directors\u2019 Remuneration Report on pages 119 to 120.
Deferred bonus share plan (\u201cDBSP\u201d)
Awards made to employees under the Group\u2019s AIS above a certain threshold include 50% deferred into IP Group equity through the grant
of nil\u2013cost options under the Group\u2019s DBSP. The number of nil\u2013cost options granted under the Group\u2019s DBSP is determined by the share
price at the vesting date. The DBSP options are subject to further time\u2013based vesting over two years (typically 50% after year one and
50% after year two).
An analysis of movements in the DBSP options outstanding is as follows:
Weighted-
Weighted-
average
average
Number of
exercise
Number of
exercise
options
price
options
price
2023
2023
2022
2022
At 1 January
2,556,682
\u2013
1,311,615
\u2013
AIS deferral shares award during the year
1,120,292
\u2013
2,066,174
\u2013
Exercised during the year
(1,523,595)
\u2013
(821,107)
\u2013
At 31 December
2,153,379
\u2013
2,556,682
\u2013
Exercisable at 31 December
\u2013
\u2013
2,881
\u2013
1,551,820 shares were transferred from treasury in respect of DBSP scheme during the year, comprising 1,523,595 DBSP options exercised on
14th April 2023 and 28,25 relating to dividends accrued on those options.
The options outstanding at 31 December 2023 had an exercise price of \u00a3nil (2022: \u00a3nil) and a weighted\u2013average remaining contractual
life of 0.5 years (2022: 0.6 years).
The weighted average share price at the date of exercise for share options exercised in 2023 was 61.0p (2022: 84.4p). The aggregate gain
made by directors on the exercise of options in the year (all of which related to the DBSP) was \u00a30.2m.
As the 2023 AIS financial performance targets were met and as the number of DBSP options to be granted in order to defer such elements
of the AIS payments as are required under our remuneration policy are based on a percentage of employees\u2019 salary, the share\u2013based
payments line includes the associated share\u2013based payments expense incurred in 2023.
IP Group Restricted Share Plan (\u201cRSP\u201d)
As set out in the Remuneration Policy approved by shareholders in 2022, a Restricted Share Plan was introduced in 2022 to replace the
previous LTIP structure. Vesting of these awards will take place over a three-year period commencing on 1 April 2023. Any RSP awards that
vest will be subject to a further two-year holding period. Vesting may be subject to a financial underpin based on NAV growth over the
vesting period. For 2022 awards, the financial underpin has been set such that NAV per share on the vesting date must be no lower than
100% of NAV per share on the award date, after making appropriate adjustments for dividends, buybacks and any other distributions.
Further information on the Group\u2019s RSP is set out in the Directors\u2019 Remuneration Report on page 119.
\n
The 2023 RSP awards were made on 13 April 2023. The awards will ordinarily vest on 31 March 2026, to the extent that the performance
\n
conditions have been met.
\n
The movement in the number of shares conditionally awarded under the RSP is set out below:
Weighted-
Weighted-
average
average
Number of
exercise
Number of
exercise
options
price
options
price
2023
2023
2022
2022
At 1 January
3,458,509
\u2013
\u2013
\u2013
Lapsed during the year
\u2013
\u2013
\u2013
\u2013
Forfeited during the year
(16,367)
\u2013
(74,235)
\u2013
Notionally awarded during the year
6,796,721
\u2013
3,532,744
\u2013
At 31 December
10,238,863
\u2013
3,458,509
\u2013
Exercisable at 31 December
\u2013
\u2013
\u2013
\u2013
\n
The options outstanding at 31 December 2023 had an exercise price in the range of \u00a3nil (2022: \u00a3nil) and a weighted\u2013average remaining
\n
contractual life of 3.9 years (2022: 4.2 years).
\n
The fair value of the RSP shares notionally awarded in 2023 was calculated using the Finnerty pricing model with the following key
\n
assumptions:
2023
2022
IP Group share price as of valuation date
\u00a30.602
\u00a30.558
Exercise price
\u00a3nil
\u00a3nil
Indicated Discount for Lack of Marketability
15%
15%
Adjusted probability assigned for performance conditions
20%
20%
Fair value at grant date
\u00a30.24
\u00a30.21
\n
Pre-2022 IP Group Long-Term Incentive Plan (\u201cLTIP\u201d)
\n
Awards under the LTIP take the form of conditional awards of ordinary shares of 2p each in the Group which vest over the prescribed
\n
performance period to the extent that performance conditions have been met. The Remuneration Committee imposes objective
\n
conditions on the vesting of awards and these take into consideration the guidance of the Group\u2019s institutional investors from time to
\n
time. General information on the Group\u2019s LTIP is set out in the Directors\u2019 Remuneration Report on page 119.
\n
The 2021 LTIP awards were made on 6 May 2021. The awards will ordinarily vest on 31 March 2024, to the extent that the performance
\n
conditions have been met. The awards are based on the performance of the Group\u2019s NAV and Total Shareholder Return (\u201cTSR\u201d). Both
\n
performance measures are combined into a matrix format to most appropriately measure performance relative to the business, as
\n
shown in the Directors\u2019 Remuneration Report within the Group\u2019s 2021 Annual Report and Accounts. The total award is subject to an
\n
underpin based on the relative performance of the Group\u2019s TSR to that of the FTSE 250 index, which can reduce the awards by up to 50%.
\n
The 2021 LTIP matrix is designed such that up to 100% of the award (prior to the application of the underpin) will vest in full in the event
\n
of both NAV increasing by 15% per year on a cumulative basis, from 1 January 2021 to 31 December 2023, and TSR increasing by 15% per
\n
year on a cumulative basis from the date of award to 31 March 2024, using an industry\u2013standard average price period at the beginning
\n
and end of the performance period. Further, the matrix is designed such that 30% of the award shall vest (again prior to the application
\n
of the underpin) if the cumulative increase is 8% per annum for both measures over their respective performance periods (\u201cthreshold
\n
performance\u201d). A straight\u2013line sliding scale is applied for performance between the distinct points on the matrix of vesting targets.
\n
The 2020 awards partially met the threshold performance target and 1,066,196 vested, 6,759,628 lapsed on 31 March 2023. NAV growth to
\n
31 December 2022 was above the minimum threshold and below the maximum threshold. The one-month average share price at
\n
31 March 2023 was below the minimum TSR target. As a result 13.67% of the 2020 LTIP awards vested on 31 March 2023.Vested shares
\n
are subject to a further two-year holding period until 31 March 2025 and will be issued to participants only at the end of this period.
\n
The table below sets out the performance measures relating to the 2020 LTIP awards and the actual performance achieved.
Target
Actual
Performance condition
Performance
Performance
NAV (at 31 Dec 2022)
8%: \u00a31.37bn
\u00a31.38bn
15%: \u00a31.66bn
(+8.1% p.a.)
Annual TSR (share price)
8%: 69.9p
57.6p
15%: 82.3p
(+0.2% p.a. growth)
Comparative TSR
FTSE 250
IP Group 0.2%
-3.7%
\n
The movement in the number of shares conditionally awarded under the LTIP is set out below:
Weighted-
Weighted-
average
average
Number of
exercise
Number of
exercise
options
price
options
price
2023
2023
2022
2022
At 1 January
14,490,039
\u2013
17,113,631
\u2013
Lapsed during the year
(6,759,628)
\u2013
(2,534,571)
\u2013
Forfeited during the year
(1,918)
\u2013
(89,021)
\u2013
Notionally awarded during the year
\u2013
\u2013
\u2013
\u2013
At 31 December
7,728,493
\u2013
14,490,039
\u2013
Exercisable at 31 December
4,596,014
\u2013
3,529,818
\u2013
\n
The options outstanding at 31 December 2023 had an exercise price in the range of \u00a3nil (2022: \u00a3nil) and a weighted\u2013average remaining
\n
contractual life of 0.8 years (2022: 2.0 years).
\n
The fair value of LTIP shares awarded in 2021 for which a charge has been recognised in the year was calculated using Monte Carlo
\n
pricing models with the following key assumptions:
2021
LTIP award
Share price at date of award
\u00a31.254
Exercise price
\u00a3nil
Fair value at grant date
\u00a30.35
Expected volatility (median of historical 50-day moving average)
39%
Expected life (years)
3.0
Expected dividend yield
0%
Risk-free interest rate
0.3%
\n
The fair value charge recognised in the statement of comprehensive income during the year in respect of all share\u2013based payments,
\nincluding the DBSP, RSP and LTIP was \u00a32.6m (2022: \u00a32.9m).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24858": { "value": "24. Related party transactions
The Group has various related parties arising from its key management, subsidiaries and equity stakes in portfolio companies.
A) Key management transactions
(i) Key management personnel transactions
The following key management held shares in the following spin\u2013out companies as at 31 December 2023:
Number
Number
of shares
Number
of shares
acquired/
of shares
held at
(disposed
held at
1 January
of) in the
31 December
Director/PDMR
Company name
2023
period
2023
%
Greg Smith
Alesi Surgical Limited
2
\u2013
2
<0.1%
Crysalin Limited
1
149
\u2013
149
<0.1%
Emdot Limited
1
4
\u2013
4
0.23%
Istesso Limited
313,425
\u2013
313,425
0.37%
Itaconix plc
4,500
\u2013
4,500
<0.1%
Mirriad Advertising plc
16,667
\u2013
16,667
<0.1%
Oxa Autonomy Limited
2
8
\u2013
8
<0.1%
Oxford Nanopore Technologies plc
27,008
\u2013
27,008
<0.1%
Rio AI Limited
144,246
\u2013
144,246
<0.1%
Surrey Nanosystems Limited
88
\u2013
88
<0.1%
Tissue Regenix Group plc
3
5,000
\u2013
5,000
<0.1%
Xeros Technology plc
13
\u2013
13
<0.1%
David Baynes
Alesi Surgical Limited
4
\u2013
4
<0.1%
Arkivum Limited
377
\u2013
377
<0.1%
Creavo Medical Technologies Limited
1
46
\u2013
46
<0.1%
Mirriad Advertising plc
16,667
\u2013
16,667
<0.1%
Oxford Nanopore Technologies plc
2,784
\u2013
2,784
<0.1%
Ultraleap Holdings Limited
2,600
\u2013
2,600
<0.1%
Zeetta Networks Limited
424
\u2013
424
0.11%
Number
Number
of shares
Number
of shares
acquired/
of shares
held at
(disposed
held at
1 January
of) in the
31 December
Director/PDMR
Company name
2023
period
2023
%
Mark Reilly
Actual Experience plc
1
28,000
-
28,000
<0.1%
AudioScenic Limited
53
-
53
<0.1%
Bramble Energy Limited
16
-
16
<0.1%
Diffblue Limited
8,038
-
8,038
<0.1%
Itaconix plc
377,358
-
377,358
<0.1%
Mirriad Advertising plc
66,666
-
66,666
<0.1%
Mixergy Limited
-
126
126
<0.1%
Oxa Autonomy Ltd
2
8
-
8
<0.1%
Ultraleap Holdings Limited
1,700
-
1,700
<0.1%
Sam Williams
Accelercomm Limited
127
-
127
<0.1%
Alesi Surgical Limited
1
-
1
<0.1%
Centessa Pharmaceuticals plc
3,247
-
3,247
<0.1%
Creavo Medical Technologies Limited1
23
-
23
<0.1%
Genomics plc
333
-
333
<0.1%
Ibex Innovations Limited
1,701
-
1,701
<0.1%
Istesso Limited
7,048,368
-
7,048,368
8.29%
Microbiotica Limited
7,000
-
7,000
<0.1%
Mirriad Advertising plc
3,333
-
3,333
<0.1%
Oxa Autonomy Ltd
2
3
-
3
<0.1%
Oxehealth Limited
33
32
65
<0.1%
Oxford Nanopore Technologies plc
25,609
-
25,609
<0.1%
Topivert Limited
1
1,000
-
1,000
<0.1%
Ultraleap Holdings Limited
558
-
558
<0.1%
\n
1
\n
Company being closed down.
\n
2
\n
Previously called Oxbotica Limited.
\n
3
\n
Opening position restated to reflect 100:1 share consolidation during the period.
\n
Policy for Executive Director holdings in Portfolio Companies
The policy for Executive Director shareholdings in portfolio companies specifies:
\u2022
New direct investments in portfolio companies by executive directors are prohibited, with the exception of the take-up of pre-emption
rights which relate to existing portfolio company shareholdings. Both Mr Smith and Mr Baynes are covered by
this policy.
\u2022
Mr Smith and Mr Baynes have voluntarily submitted to an additional binding condition such that any net proceeds received
as a result of realisations from direct holdings in portfolio companies that exceed \u00a3250,000 will be used to purchase shares in
IP Group, until such time as they meet the Minimum Shareholding Requirement set for their role (currently 350% of annual salary for
Mr Smith, 250% for Mr Baynes).
(ii) Key management personnel compensation
Key management personnel compensation comprised the following:
2023
2022
\u00a3000
\u00a3000
Short\u2013term employee benefits
1
3,091
3,918
Post\u2013employment benefits
2
108
99
Other long\u2013term benefits
\u2013
\u2013
Termination benefits
\u2013
\u2013
Share\u2013based payments
3
1,161
1,374
Total
4,360
5,391
1
Represents key management personnel\u2019s base salaries, benefits including cash in lieu of pension where relevant, and the cash\u2013settled element of the Annual Incentive
Scheme.
2
Represents employer contributions to defined contribution pension and life assurance plans.
3
Represents the accounting charge for share-based payments, reflecting LTIP and DBSP options currently in issue as part of these schemes. See note 22 for a detailed
description of these schemes.
\n
B) Portfolio companies
\n
(i) Services
\n
The Group earns fees from the provision of business support services and corporate finance advisory services to portfolio companies
\n
in which the Group has an equity stake. Through the lack of control over portfolio companies these fees are considered arm\u2019s length
\n
transactions. The following amounts have been included in respect of these fees:
2023
2022
Statement of comprehensive income
\u00a3m
\u00a3m
Revenue from services
\u2013
0.2
2023
2022
Statement of financial position
\u00a3m
\u00a3m
Trade receivables
0.1
\u2013
\n
(ii) Investments
\n
The Group makes investments in the equity and debt of unquoted and quoted investments where it does not have control but may be
\n
able to participate in the financial and operating policies of that company. It is presumed that it is possible to exert significant influence
\n
when the equity holding is greater than 20%. The Group has taken the Venture Capital Organisation exception as permitted by IAS 28 and
\n
not recognised these companies as associates, but they are related parties. The total amounts included for investments where the Group
\n
has significant influence but not control are as follows:
2023
2022
Statement of comprehensive income
\u00a3m
\u00a3m
Net portfolio gains
31.7
75.0
2023
2022
Statement of financial position
\u00a3m
\u00a3m
Equity and debt investments
566.4
651.6
\n
C) Subsidiary companies
\n
Subsidiary companies that are not 100% owned either directly or indirectly by the parent company have intercompany balances (which
\n
are eliminated at a consolidated level) with other Group companies which are disclosed as follows:
2023
2022
\u00a3m
\u00a3m
Intercompany balances with other Group companies
2.1
2.1
\n
These intercompany balances represent funding loans provided by Group companies that are interest free, repayable on demand and
\nunsecured.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24862": { "value": "A) Key management transactions
(i) Key management personnel transactions
The following key management held shares in the following spin\u2013out companies as at 31 December 2023:
Number
Number
of shares
Number
of shares
acquired/
of shares
held at
(disposed
held at
1 January
of) in the
31 December
Director/PDMR
Company name
2023
period
2023
%
Greg Smith
Alesi Surgical Limited
2
\u2013
2
<0.1%
Crysalin Limited
1
149
\u2013
149
<0.1%
Emdot Limited
1
4
\u2013
4
0.23%
Istesso Limited
313,425
\u2013
313,425
0.37%
Itaconix plc
4,500
\u2013
4,500
<0.1%
Mirriad Advertising plc
16,667
\u2013
16,667
<0.1%
Oxa Autonomy Limited
2
8
\u2013
8
<0.1%
Oxford Nanopore Technologies plc
27,008
\u2013
27,008
<0.1%
Rio AI Limited
144,246
\u2013
144,246
<0.1%
Surrey Nanosystems Limited
88
\u2013
88
<0.1%
Tissue Regenix Group plc
3
5,000
\u2013
5,000
<0.1%
Xeros Technology plc
13
\u2013
13
<0.1%
David Baynes
Alesi Surgical Limited
4
\u2013
4
<0.1%
Arkivum Limited
377
\u2013
377
<0.1%
Creavo Medical Technologies Limited
1
46
\u2013
46
<0.1%
Mirriad Advertising plc
16,667
\u2013
16,667
<0.1%
Oxford Nanopore Technologies plc
2,784
\u2013
2,784
<0.1%
Ultraleap Holdings Limited
2,600
\u2013
2,600
<0.1%
Zeetta Networks Limited
424
\u2013
424
0.11%
Number
Number
of shares
Number
of shares
acquired/
of shares
held at
(disposed
held at
1 January
of) in the
31 December
Director/PDMR
Company name
2023
period
2023
%
Mark Reilly
Actual Experience plc
1
28,000
-
28,000
<0.1%
AudioScenic Limited
53
-
53
<0.1%
Bramble Energy Limited
16
-
16
<0.1%
Diffblue Limited
8,038
-
8,038
<0.1%
Itaconix plc
377,358
-
377,358
<0.1%
Mirriad Advertising plc
66,666
-
66,666
<0.1%
Mixergy Limited
-
126
126
<0.1%
Oxa Autonomy Ltd
2
8
-
8
<0.1%
Ultraleap Holdings Limited
1,700
-
1,700
<0.1%
Sam Williams
Accelercomm Limited
127
-
127
<0.1%
Alesi Surgical Limited
1
-
1
<0.1%
Centessa Pharmaceuticals plc
3,247
-
3,247
<0.1%
Creavo Medical Technologies Limited1
23
-
23
<0.1%
Genomics plc
333
-
333
<0.1%
Ibex Innovations Limited
1,701
-
1,701
<0.1%
Istesso Limited
7,048,368
-
7,048,368
8.29%
Microbiotica Limited
7,000
-
7,000
<0.1%
Mirriad Advertising plc
3,333
-
3,333
<0.1%
Oxa Autonomy Ltd
2
3
-
3
<0.1%
Oxehealth Limited
33
32
65
<0.1%
Oxford Nanopore Technologies plc
25,609
-
25,609
<0.1%
Topivert Limited
1
1,000
-
1,000
<0.1%
Ultraleap Holdings Limited
558
-
558
<0.1%
\n
1
\n
Company being closed down.
\n
2
\n
Previously called Oxbotica Limited.
\n
3
\n
Opening position restated to reflect 100:1 share consolidation during the period.
\n
Policy for Executive Director holdings in Portfolio Companies
The policy for Executive Director shareholdings in portfolio companies specifies:
\u2022
New direct investments in portfolio companies by executive directors are prohibited, with the exception of the take-up of pre-emption
rights which relate to existing portfolio company shareholdings. Both Mr Smith and Mr Baynes are covered by
this policy.
\u2022
Mr Smith and Mr Baynes have voluntarily submitted to an additional binding condition such that any net proceeds received
as a result of realisations from direct holdings in portfolio companies that exceed \u00a3250,000 will be used to purchase shares in
IP Group, until such time as they meet the Minimum Shareholding Requirement set for their role (currently 350% of annual salary for
Mr Smith, 250% for Mr Baynes).
(ii) Key management personnel compensation
Key management personnel compensation comprised the following:
2023
2022
\u00a3000
\u00a3000
Short\u2013term employee benefits
1
3,091
3,918
Post\u2013employment benefits
2
108
99
Other long\u2013term benefits
\u2013
\u2013
Termination benefits
\u2013
\u2013
Share\u2013based payments
3
1,161
1,374
Total
4,360
5,391
1
Represents key management personnel\u2019s base salaries, benefits including cash in lieu of pension where relevant, and the cash\u2013settled element of the Annual Incentive
Scheme.
2
Represents employer contributions to defined contribution pension and life assurance plans.
3
Represents the accounting charge for share-based payments, reflecting LTIP and DBSP options currently in issue as part of these schemes. See note 22 for a detailed
description of these schemes.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25814": { "value": "25. Capital management
The Group\u2019s key objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern so that it can
continue to provide returns for shareholders and employees for other stakeholders. The Group sets the amount of capital in proportion
to risk. The Group manages the capital structure, and makes adjustments to it, in light of changes in economic conditions and the risk
characteristics of its underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of issued
share capital, issue or repay debt and dispose of interests in portfolio companies.
During 2023, the Group\u2019s strategy, which was unchanged from 2022, was to maintain an appropriate level of cash and short-term deposit
balances in line with the Group\u2019s capital allocation plans, whilst having sufficient cash reserves to meet working capital requirements in
the foreseeable future.
The Group has external borrowings with associated covenants that are described in note 19. These include covenants around the Group\u2019s
minimum equity and maximum debt/equity ratio. Consideration is given to the level of headroom against these covenants as part of the
Group\u2019s capital allocation process where planning corporate actions such as dividends and share buybacks, which have an impact on
the headroom level.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25830": { "value": "26. Capital commitments
Commitments to Limited Partnerships
Pursuant to the terms of their Limited Partnership agreements, the Group has committed to invest the following amounts into Limited
Partnerships as at 31 December 2023:
Year of
Invested to
Remaining
commencement
Commitment
date
commitment
Year ended 31 December 2023
of commitment
\u00a3m
\u00a3m
\u00a3m
IP Venture Fund II LP
2013
10.0
9.9
0.1
UCL Technology Fund LP
2016
24.8
23.2
1.6
Total at 31 December 2023
34.8
33.1
1.7
Year of
Invested to
Remaining
commencement
Commitment
date
commitment
Year ended 31 December 2022
of commitment
\u00a3m
\u00a3m
\u00a3m
IP Venture Fund II LP
2013
10.0
9.8
0.2
UCL Technology Fund LP
2016
24.8
22.4
2.4
IP Cayman LP
2021
8.3
8.3
\u2013
Total at 31 December 2022
43.1
40.5
2.6
In December 2023, the Group signed a Subscription Share Agreement to invest US$15m in Hysata Pty Ltd. In May 2023, the Group signed
a Convertible Loan Agreement whose terms included a commitment to invest \u00a310m in Istesso Limited in 2024 following the issue of a
drawdown notice by the company. Both these investments were made in January 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25991": { "value": "27. Dividends \n \n
2023 pence
2022 pence
per share
\u00a3m
per share
\u00a3m
Ordinary shares:
Interim dividend
0.51
5.3
0.50
5.3
Final dividend
0.76
7.7
0.72
7.4
Dividends paid to equity owners in the financial year
1.27
13.0
1.22
12.7
Proposed final dividend at financial year end
\u2013
\u2013
0.76
7.9
Of the \u00a313.0m dividends paid in 2023, \u00a313.0m was settled in cash (2022: \u00a312.7m dividends, \u00a312.3m settled in cash, \u00a30.4m settled via the issue
of equity). Due to the limited take up of scrip dividends the scheme has been discontinued.
On 18th December 2023 the Group announced that, in light of the prevailing discount between the Company\u2019s share price and its NAV per
share, it had initiated a share buyback of up to \u00a320 million. The Board remains committed to making regular cash returns to shareholders
from realisations. In future these regular cash returns will normally be made in the form of share buybacks when the share price discount
to NAV exceeds 20%. Regular dividend payments will be suspended under such conditions, including consideration of any final dividend
for 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27200": { "value": "29. Post balance sheet events
As of the reporting date, unrealised fair value losses in respect of the Group\u2019s quoted portfolio totalled \u00a345.4m, largely in respect of Oxford
\nNanopore Technologies plc, which has seen a fair value loss of \u00a350.2m since 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f27215": { "value": "COMPANY BALANCE SHEET
.
\n
AS AT 31 DECEMBER 2023
\n\n \n
2023
2022
Note
\u00a3m
\u00a3m
ASSETS
Non-current assets
Investment in subsidiary undertakings
2
330.4
329.2
Equity and debt investments
3
3.5
3.5
Limited liability partnership interests
4
2.9
2.7
Loans to subsidiary undertakings: long term
5
640.9
599.0
Total non-current assets
977.9
934.4
Current assets
Loans to subsidiary undertakings: short term
5
0.9
\u2013
Cash & cash equivalent
\u2013
0.1
Total current assets
0.9
0.1
Total assets
978.6
934.5
EQUITY AND LIABILITIES
Capital and reserves
Called-up share capital
6
21.3
21.3
Share premium account
6
102.8
102.8
Retained earnings
6
734.0
750.3
Total equity attributable to equity holders
858.1
874.4
Current liabilities
Trade and other payables
0.9
0.6
Total current liabilities
0.9
0.6
Non-current liabilities
Borrowings
119.6
59.5
Total non-current liabilities
119.6
59.5
Total liabilities
120.5
60.1
Total equity and liabilities
978.6
934.5
COMPANY STATEMENT OF CHANGES IN EQUITY
.
\n
AS AT 31 DECEMBER 2023
\n\n \n
Share
Share
Retained
capital
premium
(i)
earnings
(ii)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2022
21.3
102.7
769.5
893.5
Comprehensive income
\u2013
\u2013
(1.4)
(1.4)
Issue of shares
(iii)
\u2013
0.1
\u2013
0.1
Purchase of treasury shares
(iv)
\u2013
\u2013
(8.0)
(8.0)
Equity-settled share-based payments
(v)
\u2013
\u2013
2.9
2.9
Ordinary dividends
(vi)
\u2013
\u2013
(12.7)
(12.7)
At 1 January 2023
21.3
102.8
750.3
874.4
Comprehensive income
\u2013
-
(5.8)
(5.8)
Issue of shares
(iii)
\u2013
\u2013
\u2013
\u2013
Purchase of treasury shares
(iv)
\u2013
\u2013
(0.1)
(0.1)
Equity-settled share-based payments
(v)
\u2013
\u2013
2.6
2.6
Ordinary dividends
(vi)
\u2013
\u2013
(13.0)
(13.0)
At 31 December 2023
21.3
102.8
734.0
858.1
\n
i
\n
Share premium \u2013 Amount subscribed for share capital in excess of nominal value, net of directly attributable issue costs.
\n
ii
\n
Retained earnings \u2013 Cumulative net gains and losses recognised in the statement of comprehensive income net of associated share-based
\n
payments credits and distributions to shareholders.
\n
iii
\n
Issue of shares \u2013 Share premium in connection with the Interim Scrip Dividend, the Group has received valid elections from shareholders resulting in
\n
a requirement to issue new ordinary shares of 2p each (\u201cNew Shares\u201d).
\n
iv
Purchase of treasury shares \u2013 Reflects the issue of 220,302 ordinary shares, with an aggregate value of \u00a30.1m, these were purchased by the
\n
Company during the year and are held in treasury. Total value including costs was \u00a30.1m. (2022: 7,429,494 shares purchased for total value of \u00a38.0m,
\n
total including costs of \u00a38.0m). These shares were purchased for the \u00a320m share buyback share buyback approved by the Board in December 2023.
\n
v
\n
Equity-settled share-based payments \u2013 amounts recognised in respect of the Group\u2019s share-based payments schemes recognised as a subsidiary
\n
investment in the Company accounts with a corresponding entry against equity.
\n
vi
\n
Ordinary dividends \u2013 Of the \u00a313.0m dividends paid in 2023, \u00a313.0m was settled in cash (2022: \u00a312.7m total, \u00a312.3m cash, \u00a30.4m Scrip). No new shares
\n
were issued in respect of the scrip dividend (2022: 485,569 shares issued).
\nThe accompanying notes form an integral part of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28354": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28355": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28356": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f29345": { "value": "2nd Floor
3 Pancras Square
\n
Kings Cross
\n
London
\nN1C 4AG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HG22UM138WFG43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }